Bessent Says Disorderly Yen Moves Can Destabilize Global Markets
- On Friday, Treasury Secretary Scott Bessent accused Senator Elizabeth Warren of misunderstanding the recent United States intervention in the Japanese yen, dismissing her concerns about potential repayment risks.
- In her inquiry, Warren, the ranking Democrat on the Senate Banking Committee, questioned the Treasury Department's use of the Exchange Stabilization Fund, comparing the intervention to a taxpayer-backed bailout of Argentina.
- Writing in a post, Bessent mocked Warren's "sciolistic letter" and claimed she "knows even less about foreign exchange markets than she does about banking," asserting the Treasury exchanged assets without extending credit.
- Senate Banking Committee Democratic spokeswoman Saloni Sharma urged Bessent to abandon "petty grievances" and focus on "reducing the cost of living for American families struggling in President Trump's economy."
- The intervention marked the first coordinated United States and Japan effort to strengthen the yen since 1998, with Japan spending about $96.5 billion to support its currency through August 26.
40 Articles
40 Articles
Bessent blasts Warren's 'sciolistic' letter about yen policy
Treasury Secretary Scott Bessent rebuked Sen. Elizabeth Warren (D-MA) on Friday over a weekslong disagreement over the Treasury Department’s decision to execute a joint currency intervention with Japan to support the weakening yen after the currency dropped to a 40-year low at the beginning of August. Warren sent a personal letter to Bessent on Aug. 14 to press “for more information regarding the Trump administration’s decision to deploy its Exc…
Globo
infomoney.com.brThe Secretary of the United States Treasury, Scott Bessen, stated that disorderly fluctuations in the yen could trigger forced liquidations of positions, which runs the risk of destabilizing global markets and ultimately raising financing costs for American families and companies. Bessen made these comments in a letter dated 27 August and published in his account at X one day later, in response to the demand of Democratic Senator Elizabeth Warre…
Channel News Asia
Bessent says disorderly yen moves can destabilize global markets
Aug 29 : U.S. Treasury Secretary Scott Bessent said disorderly moves in the yen could trigger "forced unwinds" of positions that risk destabilizing global markets and ultimately raising borrowing costs for U.S. households and businesses. Bessent made the comments in a letter dated August 27 and posted on h
Scott Bessent offers Liz Warren personal tutorial on ‘Foreign Exchange for Dummies’ – here’s why
Treasury Secretary Scott Bessent clapped back at Sen. Elizabeth Warren (D-Mass.) over her recent criticism, scolding her as an economic ignoramus who should probably stay in her […]
Bessent offers Elizabeth Warren ‘Foreign Exchange for Dummies’ lesson after brutal money mistake - The Daily Bo Snerdley
BS BULLETIN: Treasury Secretary Scott Bessent torched Sen. Elizabeth Warren after she questioned whether taxpayers could be stuck with the bill if Japan failed to “repay” the U.S. Bessent delivered one rather important detail: There was no loan. Japan owes the Treasury nothing. He then recommended Warren take an entry-level international finance course — or offered to personally give her a “Foreign Exchange for Dummies” tutorial. Treasury Secret…
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