“The long-term Treasury yield is the most important price in the world. It is also the only fiscal disciplinarian the US has left. Neither party will run on entitlement reform. Both have spent the past decade expanding commitments while ignoring arithmetic,”

Stanley Druckenmiller · said date not stated · reported 2026-08-25

Druckenmiller wrote that the long-term Treasury yield is the most important price in the world and the only fiscal disciplinarian the US has left.