Bloomberg Talks Treasury Secretary Scott Bessent Talks Bonds, Gold and China
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Feb 20, 2025 
Scott Bessent, the 79th Treasury Secretary, shares insights on the challenges facing the U.S. debt market amid inflation and the Federal Reserve's tightening. He highlights the complexities of boosting longer-term Treasuries while emphasizing market demands. The conversation also dives into defense budget cuts and their implications for national security. Additionally, Bessent discusses international trade tensions, particularly with China, and the importance of collaborative solutions in navigating geopolitical challenges.
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Policy Focus
- Scott Bessent, now inside the policy-making room, focuses on market expectations and implications.
- He considers both short-term and medium-term effects on the economy.
Debt Management
- Extending the duration of debt issuance depends on market demand and the Fed's actions.
- Bessent prefers less competition from the Fed's balance sheet runoff.
Inflation Factors
- Bessent believes tariffs are transitory and shouldn't hinder the Fed.
- He questions the inflationary impact of immigration and its reversal.