U.S. Treasury Secretary Scott Bessent on Tuesday emphasized a firm commitment to reducing interest rates as a cornerstone of the Trump administration’s economic strategy and outlined how lowering rates would alleviate financial pressures on American households and stimulate economic growth.
What Happened: In an interview with Fox News on Tuesday, he said doing so would be considered one of the Donald Trump administration’s early achievements, even as the president finishes 7 weeks of his second term.
Bessent highlighted the recent decline in mortgage rates since Trump’s election and inauguration as evidence of market confidence in the administration’s policies.
“We’re set on bringing interest rates down, and I think that’s one of the great accomplishments so far,” he stated, noting that the drop in the 10-year Treasury bond yield and the narrowing spread between it and mortgage rates reflect anticipated bank deregulation efforts.
This reduction, he explained, extends beyond mortgages to impact credit card and auto loan rates, offering relief to the bottom …
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