How Bessent learned to stop worrying and love the T-bill

- Rebecca Baird-Remba
- 17 Dec 2025

Scott Bessent had some harsh words for former US Treasury secretary Janet Yellen in May 2024.

“Secretary Yellen is financing at the front end of the curve, and as a result, every 100 days, we add $150 billion to the deficit … from the old cheaper debt rolling off and the new 5% debt appearing,” Bessent, then the chief executive of hedge fund Key Square Group, said on the Thematic Investors podcast with Kieran Cavanna, a former hedge fund colleague.

“We’ve got to do something,” he warned, “because

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