Bessent Rejects Doomer View as April Inflation Jumps and Q1 Growth Is Revised Lower

3 articles · Updated · Semafor · May 28

Scott Bessent said weaker household saving does not necessarily signal stress, arguing Americans may be spending more freely because confidence and stock-market gains remain supportive.
April inflation accelerated while first-quarter GDP was revised lower, leaving a stable labor market offset by a more difficult mix of stubborn prices and slower growth.
Oil prices tied to the Iran war are adding to inflation pressure as the White House struggles to defend the conflict politically.
Kevin Warsh now faces a tougher start as Fed chair: he was picked to deliver rate cuts but must navigate hotter inflation, softer growth and a more hawkish Federal Reserve.

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