Thankful Americans, Joyful Markets, Nervous Foreigners

Bessent To The Treasury

So we are to have a treasury secretary who is a billionaire, has heard of Wall Street, has some understanding of the relation between fiscal and monetary policy. He favors tariffs as one-time price adjustments, “an economic sanction without a sanction”; tax cuts and what are called “pay-fors”, spending cuts to pay for tax cuts; re…