US Treasury Chief: Iran War to Slow Economy This Quarter
US Treasury Secretary Scott Bessent announced on Wednesday that the ongoing war with Iran is expected to cause a slowdown in the US economy for the current quarter. Despite this temporary deceleration, Bessent expressed confidence in the overall health of the economic system, predicting a robust rebound in the near future. In an interview with CNBC, he addressed concerns regarding energy markets, stating that rising oil prices do not currently appear to be negatively impacting inflation expectations. To protect consumers during this volatile period, the Treasury Department plans to closely monitor retail petrol sales. Bessent emphasized the need for fairness in pricing mechanisms, warning gas stations to ensure that price decreases at the pump reflect drops in crude oil costs just as quickly as they rose. This statement highlights the administration's focus on maintaining market integrity and consumer protection amidst geopolitical tensions affecting global energy supplies. The remarks underscore the intersection of foreign conflict and domestic economic stability, with officials taking proactive steps to mitigate potential adverse effects on American households while maintaining a positive long-term economic outlook.
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US Treasury Chief: Iran War to Slow Economy This Quarter
US Treasury Secretary Scott Bessent announced on Wednesday that the ongoing war with Iran is expected to cause a slowdown in the US economy for the current quarter. Despite this temporary deceleration, Bessent expressed confidence in the overall health of the economic system, predicting a robust rebound in the near future. In an interview with CNBC, he addressed concerns regarding energy markets, stating that rising oil prices do not currently appear to be negatively impacting inflation expectations. To protect consumers during this volatile period, the Treasury Department plans to closely monitor retail petrol sales. Bessent emphasized the need for fairness in pricing mechanisms, warning gas stations to ensure that price decreases at the pump reflect drops in crude oil costs just as quickly as they rose. This statement highlights the administration's focus on maintaining market integrity and consumer protection amidst geopolitical tensions affecting global energy supplies. The remarks underscore the intersection of foreign conflict and domestic economic stability, with officials taking proactive steps to mitigate potential adverse effects on American households while maintaining a positive long-term economic outlook.
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