PANews reported on October 11 that US Treasury Secretary Bessent sent a letter to Senator Elizabeth Warren responding to her questions about Treasury Department policies, in which he stated that Warren's understanding of the Treasury market "lacks foundation" and criticized her for previously supporting the Biden administration's spending policies while attributing economic consequences to the Federal Reserve rather than fiscal policy.
In response to Warren's claim that recent US "intervention measures are unprecedented," Bessent said in the letter that the relevant Treasury buyback program has been in implementation since May 2024 and has been welcomed by market participants. The program aims to enhance liquidity in the US Treasury market, reduce market volatility, improve the convenience yield of Treasuries, and secure better value for taxpayers. The tax policies promoted by the Trump administration are benefiting families and workers, including tax exemptions on overtime income, tax exemptions on tips, additional deductions for seniors, and the child tax credit.