Breaking
Bessent Says US Underlying Price Pressures Are Tame, Core Inflation Is Slowing
Summary
- Treasury Secretary Scott Bessent said US underlying prices remain very subdued and core inflation is also slowing.
- Bessent said the Federal Reserve needs to look ahead to economic conditions over the next nine, 12 and 18 months.
- Bessent added that the era of the K-shaped economy has ended and that the US would take any necessary steps to support the yen.
Forecast Trend Report by Period
Treasury Secretary Scott Bessent said underlying price pressures in the US remain very subdued and core inflation is slowing.
BlockBeats, a crypto media outlet, reported on Aug. 4 that Bessent said the Federal Reserve needs to look ahead to economic conditions over the next nine, 12 and 18 months.
"Underlying inflation indicators are very subdued, and core inflation is also slowing," he said. Core inflation excludes food and energy, which are more volatile, and is used to gauge whether broader price pressures are persisting.
Bessent also said the era of the so-called K-shaped economy, in which the pace of recovery diverges by income and asset levels, has ended.
On foreign-exchange markets, he added that the US would take any steps needed to support the yen.
Minseung Kang
minriver@bloomingbit.ioBlockchain journalist | Writer of Trade Now & Altcoin Now, must-read content for investors.