Treasury Ties Trump $250 Note to Legislation as Bessent Calls 3.8% Inflation Temporary
Updated
Updated · Stocktwits · Jun 3
Treasury Ties Trump $250 Note to Legislation as Bessent Calls 3.8% Inflation Temporary
3 articles · Updated · Stocktwits · Jun 3
Summary
Scott Bessent told senators the Treasury Department will abandon plans for a $250 bill bearing President Trump’s portrait if Congress does not clear the required legislation.
The proposal faces an 1866 ban on portraits of living people on U.S. currency, though lawmakers introduced a bill last year to permit Trump’s image on a new $250 note.
Bessent also argued the economy has the “makings” of one of the strongest in U.S. history, even after April PCE inflation ran at a 3.8% annualized rate and first-quarter GDP was revised down to 1.6%.
That defense comes as gas prices average $4.261 a gallon—up more than 40% since the Iran war began in February—and oil climbed Wednesday, with WTI near $96 and Brent near $98.
U.S. stocks were lower in midday trading, with SPY down 0.7%, underscoring investor unease over inflation, energy costs and slowing growth.