Treasury Secretary Bessent: ‘No Reason’ for Markets to Price in Recession

WELKER All right let ░░░░░░░░ ask you about one ░░░░░░░░ the big questions recession ░░░░░░░░ you know analysts say ░░░░░░░░ chances of a recession ░░░░░░░░ rising in the wake ░░░░░░░░ the tariffs announced this ░░░░░░░░ Do you believe that ░░░░░░░░ Trump s tariffs are ░░░░░░░░ the chances of a ░░░░░░░░ BESSENT I I don ░░░░░░░░ And I think we ░░░░░░░░ see from the jobs ░░░░░░░░ on Friday that it ░░░░░░░░ well above expectations that ░░░░░░░░ know we are moving ░░░░░░░░ So I I see ░░░░░░░░ reason that we have ░░░░░░░░ price in a recession ░░░░░░░░ Okay Before I let ░░░░░░░░ go I know you ░░░░░░░░ been one of the ░░░░░░░░ spearheading the efforts to ░░░░░░░░ President Trump s budget ░░░░░░░░ passed on Capitol Hill ░░░░░░░░ includes the president s ░░░░░░░░ for tax cuts extending ░░░░░░░░ 2017 tax cuts for ░░░░░░░░ Are you confident that ░░░░░░░░ president s budget bill ░░░░░░░░ pass before the August ░░░░░░░░ BESSENT We are shooting ░░░░░░░░ even a much earlier ░░░░░░░░ And Kristen I I ░░░░░░░░ tell you the under ░░░░░░░░ story in D C ░░░░░░░░ you know it s ░░░░░░░░ from our side of ░░░░░░░░ aisle to watch the ░░░░░░░░ chaos but the under ░░░░░░░░ story is the Republican ░░░░░░░░ And Speaker Johnson has ░░░░░░░░ an incredible job with ░░░░░░░░ small minority He got ░░░░░░░░ instructions out on the ░░░░░░░░ try He got a ░░░░░░░░ continuing resolution Speaker Thune ░░░░░░░░ Senate issued the reconciliation ░░░░░░░░ So things are moving ░░░░░░░░ quickly WELKER Very quickly ░░░░░░░░ Trump called on the ░░░░░░░░ chair to lower interest ░░░░░░░░ Do you think that ░░░░░░░░ Chair Jerome Powell should ░░░░░░░░ interest rates BESSENT I ░░░░░░░░ think that when we ░░░░░░░░ inflation dropping that the ░░░░░░░░ will do what it ░░░░░░░░ does and lower rates ░░░░░░░░ in the meantime what ░░░░░░░░ can control is the ░░░░░░░░ term rate the 10 ░░░░░░░░ rate which hit a ░░░░░░░░ low on Friday That ░░░░░░░░ where mortgages are priced ░░░░░░░░ s where long term ░░░░░░░░ formation is priced And ░░░░░░░░ know back to the ░░░░░░░░ deal when we can ░░░░░░░░ that we will have ░░░░░░░░ certainty WELKER Okay we ░░░░░░░░ be watching for that ░░░░░░░░ you just laid out ░░░░░░░░ closely Secretary Scott Bessent ░░░░░░░░ you so much for ░░░░░░░░ here We appreciate it ░░░░░░░░ Thank you.”