Summary
Treasury Secretary Scott Bessent said some parts of the U.S. economy are already in recession, and more could follow if the Federal Reserve does not continue to cut interest rates. The Federal Reserve reduced rates recently but warned that another cut in December is not certain.
Key Facts
- Treasury Secretary Scott Bessent spoke about recession risks on CNN.
- Some parts of the U.S. economy are already in recession, according to Bessent.
- The Federal Reserve recently cut interest rates.
- The market expected a near-certain rate cut in December, but the Fed warned this is not guaranteed.
- Bessent believes lower interest rates could help certain economic areas like housing.
- A government shutdown is delaying important economic data collection.
