US Treasury Secretary Scott Bessent said on Wednesday that the economy will be slower this quarter as the war on Iran continues, but that it is in good shape and will rebound.
In an interview with CNBC, Bessent said that oil prices did not appear to be weighing on inflation expectations.
He said that the Treasury would watch retail petrol sales for consumers. “We’ll be looking at Treasury to try to keep the retail gas stations honest – that you did this on the way up, better be doing this on the way down,” Bessent said.