Key insights
- Treasury Secretary Bessent anticipates slower economic growth this quarter due to the Iran war, but expects a rebound. He notes strong micro data and suggests oil prices aren't currently impacting inflation expectations. The Treasury will monitor retail gas prices.
WASHINGTON, April 15 (Reuters) - U.S. Treasury Secretary Scott Bessent said on Wednesday that the economy will be slower this quarter amid the Iran war, but it is in good shape and will rebound, adding that oil prices do not appear to be weighing on inflation expectations.
In an interview on CNBC, Bessent said micro data points on the U.S. economy were great and the Treasury Department would watch retail gasoline 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," he said.