Treasury Secretary Scott Bescent said on Sunday that he “is not worried about the market” after a rough week in the stock market.
“You can tell you that corrections are healthy and normal,” Bescent told NBC's Kristen Welker on “The Encounter.” “What's not healthy is straightforward to get these euphoric markets, and that's how you get a financial crisis.”
“If someone had put the brakes on in '07, '07, it would have been much healthier. “So I'm not worried about the market.”
Bessent's comments came after a rough week of the stock market. On Monday, the stock market began the week with a heavy loss. The Dow Jones industrial average fell 890 points that day, immersed 2.1%.
Conversations about the possibility of a recession have also become prominent this week, with one of Bescent's predecessors as Treasury Secretary Larry Summers on Monday saying the possibility of a recession was “close to 50/50.”
“I told @kasie @cnn [CNN anchor Kasie Hunt] Today I think there is a real possibility of a recession,” Summers wrote in a thread on Social Platform X.
“I would have said a few months ago that a recession is really unlikely this year. Now, it's probably not 50/50, but it's approaching 50/50. There's one central reason: completely counter-effective economic policy,” he added.
The stock had been steadily declining since the beginning of the month due to overwhelming economic data and the announcement of tariffs from the Topsita Tran Bureau, but the sale escalated on Monday.
“In the long term. If we put in good tax policies, deregulation and energy security, the market will do great things,” Bescent said on Sunday.
