(Hill) – Treasury Secretary Scott Bescent said on Sunday that there is “no guarantee” about the recession.
“Mr. Secretary, can you guarantee Americans here, and now that there’s no recession on President Trump’s watches?” NBC’s Kristen Welker asked Bessent about “Meet the Press.”
Bessent replied, “You… do you have no guarantees like who predicted Covid?”
“So I can predict – I’m putting in a durable, robust policy,” Bessent later added. “And are there any adjustments? Because we say this massive government spending we had, if it continues, we have to pull our country away from it.”
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Bessent’s comments came after a rough week of the stock market. On Monday, the stock market began the week with a heavy loss. The Dow Jones industrial average fell 890 points that day, immersed 2.1%.
This week, conversations about possible recession were also noticeable. One of Bescent’s predecessors, Treasury Secretary Larry Summers, said the possibility of a recession on Monday was “close to 50/50.”
“I said [CNN anchor Kasie Hunt] Today I think there is a real possibility of a recession,” Summers wrote in a thread on Social Platform X.
“I would have said a few months ago that a recession is really unlikely this year. Now, it’s probably not 50/50, but it’s approaching 50/50. There’s one central reason: completely counter-effective economic policy,” he added.
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The stock had been steadily declining since the beginning of the month due to overwhelming economic data and the announcement of tariffs from the Topsita Tran Bureau, but the sale escalated on Monday.
Bescent also said he “is not worried about the market” by “meeting the media” on Sunday.
“You can tell you that the correction is healthy and normal,” Bescent said. “What’s not healthy is straightforward to get these euphoric markets, and that’s how you get a financial crisis.”
“If someone had put the brakes on in ’07, ’07, it would have been much healthier. “So I’m not worried about the market.”
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