Overview
- Speaking in Minnesota, Bessent called more rate cuts "the only ingredient missing" for stronger growth and urged the Fed not to delay.
- Despite his push, markets and recent Fed projections anticipate only one to two cuts this year.
- CNBC reported he is overseeing the Fed chair search and has narrowed candidates to five, with him and former Governor Kevin Warsh viewed as leading contenders.
- He promoted the administration’s economic program and the new "Trump Accounts," which seed $1,000 investment accounts for eligible children born 2025–2028.
- He defended tariffs and said Treasury and the IRS are examining public-program fraud in Minnesota, while also forecasting unusually large tax refunds because withholding did not reflect new cuts such as the tip tax change.