Treasury Secretary Bessent Responds to Sen. Warren with Pointed Letter on Economic Policy

Treasury Secretary Scott Bessent has issued a sharp written response to Senator Elizabeth Warren following her latest inquiry into rising Treasury yields, delivering a rebuttal that blends policy defense with personal critique.

The correspondence, obtained exclusively by FOX Business, marks the latest exchange in a prolonged dialogue between the two officials. Over the past 21 months, the Massachusetts Democrat has submitted more than 100 letters to the Treasury Department requesting information on various financial matters.

Bessent’s reply, dated Saturday, addresses Warren’s October 7 letter questioning the administration’s strategy to reduce borrowing costs for Americans. The senator had attributed the surge in the 10-year yield to Federal Reserve rate hikes driven by inflation concerns, requesting answers by October 21.

The Treasury Secretary challenged the premise of her concern, writing, “It is difficult to treat your concern as sincere.” He countered that during the previous administration, as the federal funds rate rose to its highest level in 22 years and inflation reached a 40-year peak, Warren was a “cheerleader for the Biden Administration’s reckless spending.” Bessent argued she subsequently blamed the Federal Reserve for the economic fallout rather than acknowledging fiscal policy decisions.

He also highlighted her vote for what he characterized as a “$5 trillion tax hike on every day Americans,” contrasting it with the current administration’s tax measures, which he said “continue to deliver for families and workers across the country.”

Warren’s original letter also asserted that the tax provisions in the “One Big Beautiful Bill” would add $4.7 trillion to the national debt over a decade, primarily benefiting the ultra-wealthy and corporations while cutting health care and food assistance. She additionally cited Pentagon estimates placing the cost of the Iran conflict at $43.6 billion to date.

A split graphic showing Treasury Secretary Scott Bessent and Sen. Elizabeth Warren, D-Mass. (Getty Images / Getty Images)

Beyond the policy dispute, Bessent’s letter contained several personal jabs. He suggested Warren had “little knowledge about financial markets” and noted that rather than studying introductory economics, she had “continued your letter-writing crusade and participation in tabloid fodder about the Treasury Department.”

The Secretary closed the letter with a handwritten note: “Happy Indigenous People’s Day in advance to you and your family,” a reference to Warren’s past claims of Native American heritage—a subject that drew significant controversy and criticism from tribal leaders in 2018 following a DNA test she released. Warren later apologized to tribal nations for the test, acknowledging it is not the determinant of Native identity.

Bessent also offered a tongue-in-cheek tutorial, writing he would provide “a Foreign Exchange for Dummies tutorial,” adding that “if you receive a passing grade to the Yale metric, not the Harvard curve, I would be happy to also include a Fixed Income for Dummies.” Warren is a former Harvard Law professor, while Bessent previously taught economic history at Yale.

Treasury Secretary Scott Bessent announces a new set of sanctions against Iran, describing them as “an economic D-Day,” in the Cash Room at the Treasury Department on August 24. (Chip Somodevilla/Getty Images / Getty Images)

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