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Scott Bessent, president Donald Trump’s handpicked Treasury Secretary, put an end to the speculation during a Wednesday interview on Fox Business. The president is not pressuring the Federal Reserve to cut interest rates, Scott said. Instead, he claims that the administration’s focus is laser-locked on long-term borrowing costs, specifically the 10-year Treasury yield. “He and I are focused on the 10-year Treasury,” Scott said. “He is not calling for the Fed to lower rates.” Scott’s claims are a bit odd since as Cryptopolitan reported on Jan. 24, Trump did say “I’ll demand that interest rates drop immediately. And likewise, they should be dropping all over the world. Interest rates should follow us all over.” Tariff tactics and manufacturing goals Scott then laid out exactly why long-term yields are more important to Trump’s economic strategy, explaining that expanding the US energy supply will help curb inflation. With inflation strangling consumers and businesses, the administration is betting that lower energy costs will have a knock-on effect, making goods cheaper and long-term borrowing more manageable. But not everyone is clapping for these guys. Democrats are seething after Scott gave Elon Musk’s controversial D.O.G.E department access to federal Treasury data, a decision that triggered accusations of recklessness and even protests outside the Hill. In the interview, Scott defended the decision head-on, saying, “The US has a serious spending problem, which is fast becoming a detrimental economic problem. My focus is on the national debt and the budget deficit. I want to bring it down and increase the GDP. D.O.G.E is exactly what we need.” Scott also went full steam ahead on Trump’s trade policy, explaining how the administration is using tariffs as a weapon to revive domestic industries. Medical supplies and shipbuilding are high on the list of targeted sectors. Tariff threats against Colombia,…

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Filed under: News - @ February 6, 2025 12:21 am