US Treasury Secretary: Trump not pushing Fed to slash rates

The US Treasury Secretary stated that the government is prioritizing 10-year Treasury yields over the Federal Reserve’s short-term interest rates to reduce borrowing costs.

In an interview with Fox Business, Scott Bessent emphasized that he and President Donald Trump are focused on the 10-year Treasury note, clarifying that Trump is not pressuring the Fed to cut rates.

Bessent reaffirmed his belief that expanding energy supplies would reduce inflation, emphasizing that for working people, energy costs are a key indicator of long-term inflation expectations.

Bessent is widely recognized for his "3-3-3" economic policy slogan, which aims to cut the fiscal deficit to 3% of GDP, increase oil production by three million barrels per day, and sustain a 3% economic growth.