Episode Details

Treasury Secretary Scott Bessent remains optimistic about cooling inflation, despite recent data showing a rough picture. He believes the energy-driven spike, linked to the Iran conflict, will soon reverse as the US plans to increase oil production. Recent numbers support this view, with consumer prices rising 0.6% in April and core costs up 0.4%. Over the past year, overall inflation stands at 3.8% and core at 2.8%. Bessent distinguishes this round from the inflation chaos of 2021-2022, attributing it to a short-lived supply shock rather than a prolonged issue. He expects one or two more hot reports, followed by genuine disinflation as energy prices decrease.

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