After the Trump administration intervened to help Japan stabilize the yen’s value, Sen. Elizabeth Warren sent a letter to Treasury Secretary Scott Bessent complaining about the move. She wrote:

Now, Bessent has fired back via his own letter to Warren, which he posted on X.com. He wrote:

In her latest sciolistic letter to me, @SenWarren made it clear that she knows even less about foreign exchange markets than she does about banking.

What is equally shocking, but not surprising: not a single member of the media mob has a rudimentary-enough level of financial market literacy to spot her remedial error.

To reiterate: under @POTUS, the United States delivers for America’s trusted partners.

For a fuller explanation, I recommend Senator Warren take any entry level course in international finance for her and her staff, or I can personally give her a tutorial on Foreign Exchange for Dummies. Although I am not holding my breath, I hope her next letter will demonstrate that she has learned the difference between a currency purchase and a swap or a loan.

Bessent had previously addressed the intervention on X.com, writing shortly after it was performed:

The Trump Administration delivers for America’s trusted partners. Economic security is national security. And the U.S.-Japan alliance is built on both.

Friday’s coordinated foreign exchange actions countered disorderly yen movements.

Treasury remains attentive and in close communication with our counterparts at MOF and BOJ. We will not hesitate to participate in further joint intervention.

The FIMA Repo Facility is an important backstop. We would encourage it to be upsized in the coming months.

We strongly support Japan’s decisive market and monetary steps to correct the substantial undervaluation of the yen.

The Takaichi government is moving into an exciting new phase of Abenomics, as nearly 15 years of powerful stimulus have created durable, robust underlying economic dynamics.