Bessent forecasts real wage gains could return as soon as this month after inflation spike.
“I would expect that perhaps as soon as this month, we're going to see real wage gains.”
Bessent says Treasury is pressuring gasoline retailers to lower prices and seeing positive response from major retailers.
“We're telling them we're watching them. And we've had some good uptake from some of the bigger retailers in terms of what they want to do for consumers.”
Bessent expects real wage growth to resume as soon as next month after April spike.
“But we had had before April, we had seen real wage growth for working Americans every month during President Trump's presidency, and I would expect maybe even as soon as next month we will go back to that.”
“by Labor Day. And oil prices are actually lower than they were on February 27 when the conflict started on February 28. So gasoline prices are a little stickier on the way down.”
Bessent designates two firms in IRGC-backed extortion scheme forcing vessels to buy Strait of Hormuz insurance
“With its economy in freefall and inflation in the triple digits, the regime is desperate for cash. The United States will not allow Iran to hold global commerce hostage or use international shipping to finance the IRGC’s terrorism, aggression, and repression. https://t.co/J1GsCb79e6”
Bessent cites core inflation at 2.5 percent moving toward Fed's 2 percent target
“Show me where communism has ever worked before—whether it’s the Soviet Union, Cuba, or Venezuela. With these policies, you always end up with less. Core inflation, which came out days ago, was 2.5%—a very good number, moving toward the Fed’s 2% target. What we’ve seen over the https://t.co/SDS7w8pwn9”
Bessent cites core inflation at 2.5 percent moving toward Fed's 2 percent target
“Show me where communism has ever worked before—whether it’s the Soviet Union, Cuba, or Venezuela. With these policies, you always end up with less. Core inflation, which came out days ago, was 2.5%—a very good number, moving toward the Fed’s 2% target. What we’ve seen over the https://t.co/SDS7w8pwn9”
Bessent reports Iranian rial crashed through 2 million to the dollar as central bank cites revenue collapse
“Iran’s currency keeps plummeting: today, crashing through the exchange rate of 2 million rials to the U.S. dollar. Over the weekend, Iran's Central Bank Governor Abdolnaser Hemmati said that the simultaneous drop in Iran’s oil revenues, tax income, and social security https://t.co/ZjOczci1Xi”
Bessent recalls warning Iranians to exit rial in March 2025 when it was 887,500 to dollar with 35% inflation
“On March 6, 2025, at the Economic Club of New York, I said that if I were an Iranian, I would get my money out of the rial. At the time, "official inflation" was 35%, the currency had depreciated by 60%, and the exchange rate was 887,500 rials to the U.S. dollar. https://t.co/Ix5hv9ZbFY”