Concerns About Treasury and Fed Independence Under Trump
February 20, 2025
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3:07Now PlayingConcerns About Treasury and Fed Independence Under Trump
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as posted by the channelTreasury Secretary Scott Bessent said that any move to boost the share of longer-term Treasuries in government debt issuance is some ways off, given current hurdles that include elevated inflation and the Federal Reserve’s quantitative tightening program.
“That’s a long way off, and we’re going to see what the market wants,” Bessent said in an interview with Bloomberg Television’s Bloomberg Surveillance on Thursday, when asked about “terming out” sales of US Treasuries sales. “It’s going to be path dependent.”
Before he came into office, Bessent had repeatedly criticized then-Treasury Secretary Janet Yellen for boosting the share of bills, which mature in up to a year, in US debt — something he argued held down longer-term yields and was done to boost the economy before the election. Yet Bessent retained the Yellen team’s plan for debt issuance earlier this month.
Jason Furman, Professor of the Practice of Economic Policy at Harvard Kennedy School, discusses the potential consequences of President Donald Trump exerting tighter control over Bessent's Treasury Department and Jay Powell at the Federal Reserve. Professor Furman speaks with Tom Keene and Paul Sweeney on Bloomberg Radio.
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