Former hedge fund manager Scott Becent said he is not worried about the recent recession that wiped out trillions of dollars from the stock market as the US is trying to restructure its economic policy.
“I've been in the investment business for 35 years and I can say that the corrections are healthy and normal,” Bescent said on NBC Sunday.Meet the press. “I'm not worried about the market. If we implement good tax policies over the long term, if we implement deregulation and energy security, the market will be great.”
The sale that led to the S&P 500 index revision last week came amid a concern over the Trump administration's economic impact on tariffs, immigration and federal cuts. Stock market losses have deepened by raising concerns about growth and exacerbating consumer sentiment.
“We are implementing policies that will ensure that Americans will come our way as we lower the affordability crisis, moderate inflation and set sails.”
As President Donald Trump's tariff policy expands, consumers across political spheres are increasingly concerned that extra obligations will lead to higher costs. Global tariffs are currently being introduced on steel and aluminum, with the April 2nd deadline being held up due to wider taxation.
Read more: This is the running tally of Trump's tariff threats and actions
Although inflation cooled last month, sustained pick-ups of price pressure risks that households will limit discretionary purchases.
In an interview, Bescent said that America's dream is not a condition that it can buy cheap products from China. Instead, families can afford a home and want to see their kids do better than them.
“It's a mortgage, a car, a real wage increase,” he said.
Federal Reserve officials are scheduled to meet this week as questions about the US economy are being built. Fed Chair Jerome Powell stressed earlier this month that central banks don't need to rush to cut fees, but he probably has uncertainty and risks.
This story was originally featured on Fortune.com.
