New Delhi, Aug. 25 -- The US Treasury's decision to double its purchases of long-term bonds to $4 billion has drawn sharp criticism from banking experts and prominent investors, including billionaire Stanley Druckenmiller and JPMorgan's James Sullivan.

The Treasury announced the move last week after the US 30-year yield hit a nearly 20-year high, triggering a short-lived rally that soon reversed.

Stanley Druckenmiller, who worked with Bessent at George Soros's fund management firm in the 1990s, said markets were "correct" to view last week's announcement as "price management" and "a mistake".

Druckenmiller, in an opinion piece published by the Wall Street Journal on Monday, said the long bond yield was the most important price in the w...