Believes the debt to GDP ratio will drop next year.
The key word is "believes".
As of May 2025, the DOGE, led by Elon Musk under the Trump administration, reports achieving approximately $160 billion in federal spending cuts. These reductions stem from various measures, including workforce downsizing, contract terminations, and program eliminations. However, it is still unsure how much the government has saved given other costs from the cuts including severance costs and other intangible costs.
When there is a revolution, there are a lot of uncertainties. The comment that the Treasury Secretary "believes", inserts an element of uncertainty from the revolutionary changes that are ongoing.
Bessent adds ahead of the Fed decision:
The Fed should focus on both price and employment goals. Inflation and employment are in inexorably linked. This article was written by Greg Michalowski at www.forexlive.com. Read More Details
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