March 13 (UPI) — Treasury Secretary Scott Bessent said market volatility doesn’t matter much as the Trump administration focuses on long-term economic success.
“We’re focused on the real economy,” Bessent told CNBC’s Squawk on the Street. “I’m not concerned about a little bit of volatility over three weeks.”
Bessent said the Trump administration is working to create an economic environment that produces long-term gains for stock markets and the American people.
President Donald Trump’s tariffs moves have caused turmoil in the U.S. stock markets, but Bessent said the nation’s economy and its markets will benefit.
“The reason stocks are safe and a great investment is because you’re looking over the long term,” Bessent said. “If you start looking at micro horizons, stocks become very risky. We are focused over the medium- [and] long-term.”
Bessent said a government shutdown — which might occur by the end of the day Friday if Congress does not enact a proposed funding bill — would be more harmful than the current stock market volatility.
He also dismissed concerns about officials with the Atlanta Federal Reserve Bank announcing the economy contracted by a 2.4% annualized rate during the first quarter of 2025, MarketWatch reported.
He suggested the economy would post a 0.4% growth rate if gold imports were excluded from the economic data showing a downturn.
The faster the Trump administration can curtail federal spending and spur private sector growth, the stronger the economy will become.
“Our goal is to have a smooth transition,” Bessent said. “We are trying to get this tax bill done.”
