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Trump Treasury pick Bessent backs Fed independence, dollar, sanctions on Russian oil
President-elect Donald Trump's pick for Treasury secretary, Scott Bessent, said on Thursday (Jan 16) that the dollar should remain the world's reserve currency, the Federal Reserve should stay independent, and that he is ready to impose tougher sanctions on Russia's oil sector. Bessent, testifying at a Senate Finance Committee confirmation hearing, underscored an urgent need to extend Trump's 2017 tax cuts due to expire at the end of this year, to avoid a US$4 trillion tax hike that could crush the US economy. "If we do not renew and extend, then we will be facing an economic calamity," Bessent said. "We will ... (full story)
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- Posted: Jan 16, 2025 5:43pm
- Submitted by:Category: Fundamental AnalysisComments: 1 / Views: 4,975
