Economic growth will be slower this quarter amid war, US Treasury chief says

WASHINGTON: The economy will be slower this quarter due to the Iran war but is in good shape and will recover, US Treasury Secretary Scott Bessent said on Wednesday, adding that oil prices did not appear to weigh on inflation expectations.

In an interview with CNBC, ⁠Bessent said the micro data points for the U.S. economy are great and that the Treasury Department will be monitoring retail gasoline sales to consumers.

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“We will look to the Treasury to try to keep retail petrol stations honest – you did it on the way up, you might as well do it on the way down,” he said.