Scott Bessent's Buyback Gambit Failed. Are We Headed for Disaster? Feat. Catherine Rampell

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If you love What Next, join Slate Plus at https://slate.com/youtubeplus?utm_source=youtube&utm_medium=link&utm_content=What_Next&utm_campaign=show_description&tpcc=youtube-link-show_description-What_Next to unlock weekly bonus episodes. Plus, you’ll access ad-free listening across all your favorite Slate podcasts. Treasury Secretary Scott Bessent recently announced a plan to buy back tens of billions dollars' worth of long-standing debt. The idea is that this would push down the interest rates on long-standing debt. Treasury markets are the lifeblood of the global financial system. Some of the secretary’s longtime allies, including his former boss and Wall Street powerhouse Stanley Druckenmiller, have roasted the maneuver as a mistake that could push borrowing costs higher, erode guardrails against profligate federal spending, and—over time—undermine confidence in U.S. debt assets. And just this week, the Fed signaled that there is "a lot of work to do" with regard to inflation. Are w

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