Exclusive: Bessent Says Trump Administration Has Conquered ‘Three I’s’ That Were ‘Eviscerating Working Americans’
The Trump administration has successfully addressed the “three I’s” that he said were devastating working-class Americans: immigration, interest rates, and inflation, Treasury Secretary Scott Bessent said in an exclusive interview with Breitbart Business Digest co-authors Alex Marlow and John Carney released Monday.
Bessent pointed to a March 2024 article he wrote for Fox Digital titled
“How the Three I’s Are Eviscerating Working Americans” as the framework for understanding the administration’s economic progress.
“Immigration, interest rates and inflation,” Bessent said, ticking off the three factors. On immigration: “Borders closed, promise made, promise kept.”
On interest rates, Bessent noted that the 10-year Treasury yield stood at 5.08 percent when Trump took office and now sits around 4 percent. “Mortgage rates key off of that,” he said, adding that he believes short-term interest rates could decline further.
Inflation to “Bite the Dust” in Coming Months
The Treasury Secretary expressed strong confidence about inflation trends. “I am very confident over the coming six, 12 months, we are going to see the third I bite the dust, and inflation is going to come down,” Bessent said.
He attributed falling inflation partly to lower energy prices. “Over my career, all or most big inflations start with an energy problem, and so energy goes into everything, even food prices at the grocery store,” Bessent explained. “So we’ve got that.”
Bessent previewed an upcoming study from the Council of Economic Advisers showing dramatic inflation differences between red and blue states. “The best way to get your inflation rate down 50 or 60 basis points is move from a blue state to a red state,” he said. “Red state inflation is at least half a percent lower than blue state inflation.”
(Excerpt) Read more at
breitbart.com ...