What happened
Treasury Secretary Scott Bessent attacked Senator Elizabeth Warren over her query about the Treasury's yen intervention, offering a 'Foreign Exchange for Dummies' lesson in response. The Treasury has not disclosed how much yen it bought, the execution rate, or the current value of the position, despite Warren's requests for details.
Why it matters
The dispute underscores a lack of transparency around currency interventions, which can have significant market impact and fiscal implications. Warren's requests for specifics remain unfulfilled, raising questions about accountability.