Treasury Secretary Bessent on Economy, China Tensions
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Insights by Echo AI
Treasury Secretary Scott Bessent expects economic growth to pick up later this year with core inflation trending lower. He dismissed the slowdown in GDP as a 'technical adjustment' and expressed confidence in the economy's strength. Inflation, as measured by the PCE index, slowed in June but remains above the Fed's 2% target. Bessent warned about growing tensions with China over AI development and rare earth supplies, likening it to a 'water polo match' where the U.S. may need to 'kick back'.
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