What to know:
- U.S. Treasury Secretary Scott Bessent, in a moment of profound wisdom, deems asset market corrections as not just normal, but positively healthy! Who knew pain could be so good? 😅
- He insists that for the stock market to flourish, we need a cocktail of good tax policy, deregulation, and energy security. Cheers to that! 🍹
On a rather enlightening Sunday, U.S. Treasury Secretary Scott Bessent, with the confidence of a seasoned investor, proclaimed that asset market corrections are as healthy as a morning jog—albeit one that might leave you gasping for breath. He hinted at a greater tolerance for pain before the much-anticipated policy support, or the infamous ‘Trump put’, is rolled out. Who needs a safety net when you can just tough it out? 💪
“I’ve been in the investment business for 35 years, and I can tell you that corrections are healthy, they are normal,” Bessent declared on NBC’s Meet The Press, as if he were discussing the merits of a fine wine. “I‘m not worried about the markets. Over the long term, if we put good tax policy in place, deregulation and energy security, the markets will do great.” Well, that’s reassuring! 🙄
His remarks stand in stark contrast to the popular belief that the Trump administration would swiftly extinguish any flames ignited by its policy moves, especially those pesky trade tariffs. President Donald Trump, in a moment of clarity, recently stated he is not particularly concerned with the stock market. Because why would he be? 🤷♂️
Meanwhile, Wall Street’s tech-heavy index, Nasdaq, and the S&P 500 decided to take a little tumble last week, falling over 10% from their February highs. This was largely due to fears that Trump’s tariffs might slow economic growth while simultaneously giving inflation a warm hug. 🥴
Bitcoin (BTC), that fickle friend, has also taken a hit, plummeting nearly 25% from its record highs above $109K in January. CoinDesk Indices data shows it’s been a wild ride, with Wall Street’s risk-off sentiment and disappointment over the lack of fresh BTC purchases under Trump’s grand digital assets reserve plan. Talk about a letdown! 😩
The risk-off atmosphere has heightened expectations for policy support from the government or the Federal Reserve (Fed), especially among the crypto enthusiasts. But Bessent’s perspective suggests we might be in for a long wait, or perhaps a more significant market decline before any action is taken. Patience is a virtue, after all! ⏳
Last month, the Treasury secretary mentioned that the Trump administration is keen on lowering the yield on the 10-year Treasury note, which, as we all know, influences most long-term loans in the economy. Because who doesn’t love a good interest rate discussion? 📉
Meanwhile, Fed Chair Jerome Powell and his colleagues have been keeping a close eye on the “net effects” of Trump’s policies on the economy, and they are in no rush to cut rates. After all, why rush when you can ponder? 🤔
Officials are set to meet for a rate review this week, with the decision due Wednesday. Stay tuned, folks! 📅
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2025-03-17 10:46