Treasury Secretary Calls for Patience in Trade Announcements, Predicts Two Interest Rate Cuts

The U.S. Treasury Secretary recently spoke at the annual conference in Sun Valley, Idaho, where he shared insights about the current President and his predecessor. The Treasury Secretary noted that both leaders share a common trait: a lack of patience when handling significant transactions. This observation was made during a closed-door discussion, where the Treasury Secretary advised the President to exercise patience when dealing with trade-related announcements, emphasizing the importance of a measured approach in such critical matters.

The Treasury Secretary also addressed the impact of tariffs on inflation, downplaying their significance and predicting two interest rate cuts for the year. He further suggested that, in the long term, borrowing costs might return to pre-pandemic levels. However, neither the Treasury Department nor the White House commented on these remarks.

In a lighter moment, the Treasury Secretary made a jest about Elon Musk, with whom he has reportedly had disagreements in the past. When asked about Musk's potential plans to form a new political party, the Treasury Secretary quipped, "What party?" and humorously added that Musk might find more support on Mars. This exchange underscored the Treasury Secretary's willingness to engage in candid and sometimes playful banter, even in a high-stakes setting.