Bessent believes the Federal Reserve needs to remain independent but has made numerous errors.
Treasury Secretary Scott Bescent expressed on Monday that while the Federal Reserve should maintain its independence, he acknowledged mistakes have been made. He mentioned that President Trump defended Governor Lisa Cook’s position amid allegations of mortgage fraud. Trump has, for months, been vocal about the Fed and its chair, Jerome Powell, criticizing the reluctance to […]
Bessent: Annual U.S. tariff revenue might exceed $500 billion, reducing the deficit
Tariff Revenue Projections Surge U.S. Treasury Secretary Scott Bescent recently stated that the revenue generated from President Donald Trump’s tariffs might surpass $500 billion annually, with some forecasts even suggesting it could reach up to $1 trillion. During a cabinet meeting at the White House on Tuesday, Bescent remarked on this notable increase from earlier […]
Bessent supports investment in Intel: Chips are a ‘key necessity’
Treasury Secretary Defends US Stake in Intel Treasury Secretary Scott Bescent spoke out in defense of the US government’s decision to acquire a 10% stake in Intel, addressing concerns about potential government interference in the free market. During an appearance on Fox Business’s “Morning Maria,” Bescent emphasized the strategic necessity of this investment. “Tips are […]
Treasury chief Bessent considers 11 candidates for the Federal Reserve chair position
Slatestone Wealth Chief Market Strategist Kenny Polcari weighs in on how global matters are influencing the Kraman Countdown market. Treasury Secretary Scott Bessent announced on Tuesday that the Trump administration will start interviewing candidates for the chair of the Federal Reserve System after Labor Day. Bessent shared these details during an interview with CNBC’s ‘Squawk […]
Bessent: Trump’s meeting with Putin is like displaying a ‘gun case’ to an ‘unmanageable neighbor’
Treasury Secretary’s Comments on Russia-Ukraine Relations Treasury Secretary Scott Becent recently expressed his thoughts on the summit between Russian President Vladimir Putin and President Trump that took place in Alaska last week. “Alaska felt like a demonstration of military might from President Trump. He invited Putin to a location that was once Russian territory, showcasing […]
Scott Bessent Visits IRS Amid Ongoing Efforts to Modernize the Agency
Treasury Secretary’s First Meeting with IRS Amid Modernization Efforts Treasury Secretary Scott Bescent recently held his first meeting with the Internal Revenue Service (IRS) as part of the Trump administration’s initiative to reshape the agency. This encounter marks Bescent’s inaugural visit to the IRS since stepping in as a proxy committee member, taking over from […]
US Treasury’s Bessent clarifies: Buying Bitcoin is still an option
US Treasury Explores Bitcoin Acquisition Strategies US Treasury Secretary Scott Bescent has announced that his department is looking into budget-neutral options for acquiring Bitcoin to build strategic reserves. “We’re exploring budget-neutral ways to acquire more Bitcoin to enhance our reserves,” he noted in a post on Thursday. The aim is to fulfill the President’s commitment […]
Stocks Find Stability as Bessent Advocates for a Major Rate Reduction
On Wednesday, the S&P 500 Index saw a modest rise of +0.32%, while the Dow Jones Industrial Index climbed +1.04%. The Nasdaq 100 Index edged up slightly by 0.04%. E-Mini S&P Futures increased by +0.32% in September, although E-Mini Nasdaq Futures dipped slightly by -0.01% during the same period. The S&P 500 and Nasdaq 100 […]
Scott Bessent to Advocate for a Ban on ‘Single-Stock Trading’ in Congress
Treasury Secretary Scott Bescent has announced plans to advocate for a ban on “single-share trading” among US Congress members, emphasizing that “Americans deserve better.” In a recent post on X, Bescent indicated that he would share a video from an interview with Bloomberg TV, discussing how politicians amass wealth in Washington, DC. He stated that […]
Bessent criticizes Pelosi, urges Congress to prohibit single-stock trading
Treasury Secretary Pushes for Stock Trading Ban for Congress Members Treasury Secretary Scott Bescent called for a prohibition on trading individual stocks, specifically mentioning former House Speaker Nancy Pelosi and Senator Ron Wyden during his remarks. “I’m going to start advocating for a ban on single shares because it affects the trust in the House […]