Episode 5564: Bessent Lays Out The Path Towards America's Golden Age; If Michigan Falls So Goes The US
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What is the main topic discussed in this episode?
You know about the yen. I guess you had some experience in the private sector, maybe from the other side of the trade at one point. Is there anyone who is as adept at working with yen? I don't know. Is it manipulation? What is it? Support? Or in the last case, it wasn't support. It was actually shorting it, I think.
Well, Joe, I think it's important to have a framework here and just just a level set here. The framework begins with the strong relationship between President Trump and the prime minister. And I have an extremely good working relationship with my counterpart, the finance minister, Katiyama. And, you know, I have been I've been going to Japan since I think 1989 and have more than 50 or 60 people. visits here. So I'm well versed. But what's important here is we've been in close contact with our Japanese allies and they are great allies in the region, both militarily and economically. And we understand that they are making serious efforts to stem the substantial undervaluation in their currency. And Joe, this is more than just a market intervention that
through our conversations with them, we believe that they are going to continue to put the right policies in place that will lead the yen to get back to more of a normal equilibrium price. We've seen President Trump last week threaten what would have been one of the largest military campaigns or the largest military campaigns since World War Two against the Iranians. And now we are because of that, we are in talks with the Iranians. And I think there is a chance we may have a deal today or tomorrow to open the strait and and move towards a more normalized position in this conflict. And that's because their Air Force is wiped out, their Navy is wiped out, substantial portion of their missiles are wiped out.
How did Scott Bessent explain US-Japan talks and interventions to stabilize the yen?
More importantly, their missile production capability is wiped out. So anything that happens in the Gulf will benefit Japan and indeed the rest of the world, Joe.
Just to clarify on that, Mr. Secretary, the idea of having a deal today or tomorrow to reopen the Strait, would that be reopening the Strait, but the Iranians somehow having the ability to charge a toll on that? Or would that be reopening the Strait and it's free and clear and anybody can move through?
I think it would be freedom of movement. And even though things are still a little dicey there over the past few days, we saw quite a few ships coming out even now. So I'd expect the energy prices to settle back down, which, as I said, will be good for the entire world. And, you know, once the street reopens, there are hundreds, if not a thousand ships sitting in there waiting to go out. And, you know, Becky, it's not just energy. It's fertilizer. It's refined products. It is the various industrial gases. So, you know, I think that we could see a big relief trade as those prices go down.
In fact, as you've been speaking, Mr. Secretary, the WTI price is dropping. We were looking at oil at 82 earlier this morning. Now it's trading at about 78. I guess you watch those levels pretty closely. What do you watch on a daily basis? Is it oil? Is it the 10-year? Is it the 30-year, the 2-year? Is it the yen? What are the things that you're watching most closely?
All of the above, Becky. But, you know, what I really watch is how the U.S. economy is doing. And the economic numbers have been strong. We had manufacturing, ISM, strongest since 2022 when we came out of COVID. And manufacturing is back in the U.S. We are seeing substantial non-residential businesses. building going on. So those are construction jobs. As Andrew asked the professor from Notre Dame earlier, is this temporary or is it sustainable? And what I would say with overall manufacturing, if I look at my hometown, Charleston, South Carolina, Boeing is doing a 50% increase in their production there. So those are construction jobs, but those are going to morph into 1,000 great high-paying industrial jobs.
So we're seeing this manufacturing renaissance happen. I think of this as a detox, that both the financial markets, financial journalists, no one on this screen, but many, many others, especially the...
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Chapters
6 chapters
1
What is the main topic discussed in this episode?
0:00–2:12
2
How did Scott Bessent explain US-Japan talks and interventions to stabilize the yen?
2:12–11:01
3
What did Bessent say about reopening the Strait of Hormuz and global energy impacts?
11:01–21:11
4
Which economic indicators does the Treasury watch to assess US growth and inflation?
21:11–30:05
5
What is Bessent’s view on Fed policy mistakes, inflation drivers and long-term monetary strategy?
30:05–34:52
6
How could AI and the ‘AI trade’ affect productivity, small business formation and markets?
34:52–54:43
Speakers
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