Yellen Defends US Debt Policy After Druckenmiller Rebuke
- Investor says Yellen missed out on near-zero interest rates
- Treasury secretary affirms long, intermediate, short strategy
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US Treasury Secretary Janet Yellen disputed billionaire investor Stan Druckenmiller’s assertion that her department had made “the biggest blunder in history” by not taking advantage of near-zero interest rates to sell more longer-term bonds.
“Well, I disagree with that assessment,” Yellen said when asked to respond to the accusation during an interview on CNN Thursday night. She said the agency has been lengthening the average maturity of its bond portfolio and “in fact, at present, the duration of the portfolio is about the longest it has been in decades.”