Bessent Says US Has 'Makings' Of One Of The Strongest Economies In History, Says 'Temporarily Elevated Prices' Will Come Down

Treasury Secretary Scott Bessent on Wednesday said that he believes the U.S. has the “makings” of one of the strongest economies in its history.

During a Senate hearing, Bessent stated that core inflation and food prices have dropped since President Donald Trump took office in January last year.

“We’ve had 2.6% growth, and core inflation has dropped. Food inflation since President Trump began, much as you all want to disagree, is 2.5%. I think we have all the makings for a very strong economy,” he added.

Bessent Downplays Elevated Inflation

Bessent characterized the recent rise in inflation as temporary, despite the Personal Consumption Expenditures (PCE) Index advancing 3.8% in April on an annualized basis.

“I think that we have temporarily elevated prices, [which] will come back down,” he said.

Get updates to this story developing directly on Stocktwits.

Also See: Apple Investors Looking For A WWDC Boost May Be Disappointed, UBS Warns

For updates and corrections, email newsroom[at]stocktwits[dot]com.