The Treasury secretary said current policies are laying the groundwork for economic gains.
The Trump administration is more focused on the “real economy” rather than “a little bit of volatility” in the financial markets, says Treasury Secretary Scott Bessent.
In a wide-ranging interview with CNBC’s “Squawk Box” on March 13, Bessent stated that while President Donald Trump and his team are attentive to market changes, the administration is concentrating on crafting an economic landscape that offers “long-term gains” for Wall Street and the American people.
“We’re focused on the real economy. Can we create an environment where there are long-term gains in the market and long-term gains for the American people?” Bessent said. “I’m not concerned about a little bit of volatility over three weeks.”
Bessent, a seasoned hedge fund manager, said the administration is implementing policies that will “lay the groundwork for both real income gains, job gains, and continued asset gains.”
U.S. stocks have been hammered this month, wiping out trillions of dollars in market value.
The leading benchmark averages extended their losses during the March 13 trading session. The tech-heavy Nasdaq Composite Index and the blue-chip Dow Jones Industrial Average slipped about 1 percent.
The financial markets have been drowning in a sea of red ink on growing inflation expectations and tariff-fueled recession fears.
Trump has been shrugging off the market turmoil.
“Markets are going to go up, and they’re going to go down, but you know what: We have to rebuild our country,” Trump told reporters on March 11.
Last week, the Treasury secretary told the business news network that the United States could undergo a “detox period” after relying on federal spending.
He clarified in his March 13 interview that this does not mean the U.S. economy will slip into a recession.
“Not at all. Doesn’t have to be, because it will depend on how quickly the baton gets handed off. Our goal is to have a smooth transition,” he stated, adding that current government spending levels are “unsustainable.”
By Andrew Moran
