Bessent Blasts Warren with Foreign Exchange Tutorial

Treasury Secretary Scott Bessent shot back at Senator Elizabeth Warren's criticism of the government's intervention to prop up the Japanese yen, offering her a sarcastic tutorial on 'Foreign Exchange for Dummies'.

Bessent's blistering response was in a letter dated Thursday, obtained exclusively by The Post. He mocked Warren's grasp of foreign-exchange markets, saying her recent attack 'unfortunately reveals that you know even less about foreign exchange markets than you do about banking.'

The US government joined Japan in buying yen after the currency plunged to a 40-year low, with Treasury using the Exchange Stabilization Fund (ESF) to make the purchase. Bessent defended the intervention as protecting US economic interests, pointing to Japan's role as a major holder of US Treasuries and a key trading partner.

'Disorderly yen markets can trigger forced unwinds, which could destabilize global markets and ultimately raise borrowing costs for American families and businesses,' Bessent wrote. He recommended an 'entry-level course in international finance' or his own tutorial on 'Foreign Exchange for Dummies' to Warren and her staff.