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US Treasury Secretary Scott Bessent made striking statements regarding the Trump administration’s economic and monetary policy agenda.
Bessent said that BlackRock’s Chief Investment Officer, Rick Rieder, has not yet been called in for an interview for the Fed Chairman position, and that he believes the decision will be made by Trump in January. He also added that the Fed should do everything in its power to stimulate investment and lower interest rates.
Bessent stated that the Trump administration has the capacity to renegotiate tariffs with other countries, the strength to maintain current tariff levels, and that these policies play a significant role at the international trade table. He also noted that tariffs implemented under the IEEPA (International Emergency Economic Authorities Act) have compelled partners like Mexico and Canada to engage in discussions on combating illicit goods.
Furthermore, US Energy Secretary Chris Wright stated that Venezuela’s oil production could increase by 50% in the next 18 months. Wright also noted that the market will determine oil prices and that the US could sell its oil from Venezuela at more efficient prices.
*This is not investment advice.