Topline
Treasury Secretary Scott Bessent said Sunday he believes some sectors of the economy are in a recession or at risk of one, blaming the Federal Reserve for not cutting interest rates fast, just one day after newly appointed Federal Reserve Governor Stephen Miran warned of high interest rates triggering a recession in an interview with The New York Times.
Bessent blamed the Federal Reserve for not cutting interest rates fast enough.
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Key Facts
In an interview with CNN’s “State of the Union” on Sunday, Bessent said he believed the economy was in a “transition period,” noting that the Trump administration has cut government spending, which he blamed for high inflation after the COVID-19 pandemic.
Bessent told CNN’s Jake Tapper he believes “we are in good shape,” despite some sectors of the economy being “in recession,” which he blamed on Federal Reserve policies.
The treasury secretary gave the housing market as an example, insisting “if the Fed brings down mortgage rates, they can end this housing recession.”