- Treasury Secretary Scott Bessent expressed confidence that the U.S. economy will return to a 3% growth rate before the end of the year as the war with Iran nears its conclusion.
- Recent economic performance has been hampered by a resurgence in inflation, labor market moderation, and the impact of domestic tariffs, with Q4 2025 growth at 0.5% and Q1 2026 at 1.6%.
- The administration is maintaining its '3-3-3' goal: 3% GDP growth, a 3% deficit-to-GDP ratio, and an increase of 3 million barrels per day in domestic oil production.
- Despite inflationary pressures, Bessent indicated that President Trump has confidence in Fed Chairman Kevin Warsh to manage monetary policy appropriately.
Quotes
“We can have something with a three in front of it this year. The underlying economy has been strong.”
“I think by the end of the president’s term we can be at something that looks like it could have a three in front of it. What’s important about that, that’s when you start paying down overall debt as a percent of the economy.”