Gate News message, April 14 — US Treasury Secretary Scott Bessent said he is confident that core inflation will continue to decline in the United States despite the ongoing Iran war, and reiterated his call for the Federal Reserve to cut interest rates. Bessent acknowledged the Fed may want to observe economic developments related to the war before cutting rates, adding that it would make sense for President Trump’s Fed chair nominee, Kevin Warsh, to lead the next cycle of monetary adjustments.
US consumer prices rose by the most in nearly four years in March as the war drove a record surge in gasoline and diesel costs, dealing a blow to Trump’s approval ratings. The conflict has sent global crude oil prices surging as much as 50%, with the national average retail gasoline price breaking above $4 per gallon for the first time in more than three years. Core prices excluding food and energy rose less.
Trump’s nomination of Warsh to succeed Jerome Powell as Fed chair is currently stalled due to objections by Republican Senator Thom Tillis, who is blocking all Fed nominees until a Justice Department criminal investigation of Powell is closed. Powell has said he will stay on as chair temporarily if Warsh is not confirmed by the time his term expires in May.
Bessent said the Treasury has reached a deal with Tillis to allow Warsh’s nomination hearing to proceed, which could happen next week, but provided no further details.
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