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FOX Business has exclusively obtained Treasury Secretary Scott Bessent’s response to Senator Elizabeth Warren’s latest letter about the rise in the 10-year treasury yield.
“Happy Indigenous People’s Day in advance to you and your family,” Bessent handwrote at the end of his scathing letter, mocking her former claim of Native American heritage.
The senator has sent more than 100 letters to the Treasury Department asking for information in the past 21 months.
Bessent’s Saturday letter, which was snarky at other points as well, accused Warren of having little knowledge about financial markets.
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“Rather than take my suggestion of studying introductory economics, you have continued your letter-writing crusade and participation in tabloid fodder about the Treasury Department,” he wrote.
Warren sent a letter on Oct. 7 asking for more information about what the Trump Administration is doing to lower borrowing costs for average Americans.
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Warren requested Bessent answer her questions by Oct. 21.
In the letter, the senator accuses the Treasury secretary of increasing costs, saying, “The surge in Treasury yields is self-inflicted and follows the Fed’s decision to raise the federal funds rate by a quarter of a percentage point, driven by concerns about inflation.”
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Bessent refuted that characterization in his letter, adding, “It is difficult to treat your concern as sincere,” adding, “As the federal funds rate climbed from near zero to its highest level in 22 years, with inflation hitting a 40-year high, you were a cheerleader for the Biden Administration’s reckless spending.”
He claimed she blamed the economic consequences at the time on the Federal Reserve, rather than “your own irresponsible fiscal policies.”
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“While you voted for a $5 trillion tax hike on every day Americans, the Working Families Tax Cuts continue to deliver for families and workers across the country,” he wrote.
Warren claimed in her letter that the tax cuts in the One Big Beautiful Bill will add $4.7 trillion to the national debt over a decade and only benefit the “ultra-wealthy and large corporations — while cutting health care and food assistance for families. Meanwhile, the Iran war has cost taxpayers an estimated $43.6 billion to date, according to the Pentagon.”
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The secretary concluded his letter by jokingly offering “a Foreign Exchange for Dummies tutorial,” adding, “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 and Bessent previously taught economic history at Yale.
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Warren drew criticism from tribal leaders in 2018 when she took a DNA test to prove distant Indigenous heritage after President Donald Trump had repeatedly mocked her as “Pocahontas” for previously listing herself as an “American Indian” or a minority on professional documents before she was a senator.
Warren said that her belief of her ancestry had been passed down to her through family stories, but later apologized to several tribes for taking the DNA test, which they said is not how Native American identity is decided.
