Scott Bessent

Social Security and Medicare's main trust funds will be depleted in 2033, a year earlier than last forecast, trustees said Wednesday. What Happened: The annual report advanced Medicare's insolvency date by three years after higher-than-expected 2024 hospital spending and slower wage growth eroded...

Donald Trump’s "One Big Beautiful Bill Act" will slash the household resources of the poorest Americans by about $1,600 while boosting the wealthiest households by roughly $12,000, the Congressional Budget Office said in a distributional analysis released Thursday. What Happened: CBO analysts...

U.S. stock futures were trading lower on Thursday after closing lower on Wednesday. Futures of major benchmark indices declined in premarket. President Donald Trump announced that a new trade agreement with China had been reached, pending final signatures from him and Chinese President Xi Jinping...

Treasury Secretary Scott Bessent has suggested that the Trump administration may consider extending the current 90-day tariff pause beyond July 9 for the U.S.’s top trading partners. This extension, however, is contingent on the partners’ “good faith” in ongoing trade...

Treasury Secretary Scott Bessent said Wednesday that dollar-pegged stablecoins could reach a market capitalization of $2 trillion and beyond as the stablecoin bill advanced in the Senate. What happened: During a testimony before the Senate Appropriations Committee, Bessent underscored the Trump...

Officials from the Trump administration expect China to lift restrictions on exports of rare earth alloys, minerals, and magnets, as trade negotiations between Washington and Beijing continue in London. What Happened: "The purpose of the meeting today is to make sure that they're serious, but to...

As China’s May export data missed expectations just ahead of the second round of U.S.-China trade negotiations, leading experts are offering sharply divergent interpretations of how the data will be leveraged during the trade talks. What Happened: While Mohamed A. El-Erian, a senior...

A new rift is emerging inside the Republican Party over how to tackle the looming expiration of the 2017 tax cuts. Rep. Thomas Massie (R-Ky.) is pushing back against the administration’s claims regarding the tax cuts and the “One Big, Beautiful Bill.” What Happened: On Saturday,...

Billionaire entrepreneur Elon Musk reportedly engaged in a heated physical altercation with Treasury Secretary Scott Bessent at the White House, leading to a fallout with President Donald Trump. What Happened: The incident took place in mid-April when Musk and Bessent presented competing proposals...

Treasury yields are climbing again, but this time it’s not just about inflation or the Fed. It’s about politics, policy, and a little something called “bond vigilance.” As President Donald Trump's team flexes its fiscal muscle, pushing tax legislation and emphasizing long-...

April’s Personal Consumption Expenditures data presented a complex picture for Jerome Powell, with economists suggesting the persistent cloud of tariff uncertainty compels the central bank to “wait and see” policy stance even as “disinflation” has set in. What Happened...

U.S. stock futures fell on Monday after a mixed close on Friday. Futures of major benchmark indices were trading lower in premarket. After the Federal appeals court temporarily reinstated Donald Trump‘s tariffs, he accused China of violating an agreement with the U.S. to ease tariffs in his...

Fundstrat’s Tom Lee has been betting on a “new bull market” following the spike in the volatility gauge in April, while another analyst believes that it is the “TACO” trade that is fueling the “run it hot” optimism in the market. What Happened: According to...

Scott Bessent, the U.S. Treasury Secretary, assured that the country will not default on its debt, even as the deadline for raising the federal debt ceiling approaches. What Happened: Bessent, in an interview with CBS’s Face the Nation on Sunday, dismissed the possibility of a default....

The past week has been a whirlwind of economic and political news. From a second federal judge blocking President Donald Trump’s emergency tariff powers to former Treasury Secretary Larry Summers issuing a stark warning about America’s fiscal trajectory, the headlines have been filled...