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The Latest Breaking News from Scott Bessent

Dollar Sees Support from Strong US PPI Report

The dollar index (DXY00 ) is up +0.26% as the strong US PPI report sparked a pull-back in expectations for Fed rate cuts in the coming months. In addition, San Francisco Fed President Mary Daly and St Louis Fed President Alberto Musalem today both threw cold water on the idea...

Barchart

Stocks Fall Back on Hot PPI Report

The S&P 500 Index ($SPX ) (SPY ) is down -0.24%, the Dow Jones Industrials Index ($DOWI ) (DIA ) is down -0.36%, and the Nasdaq 100 Index ($IUXX ) (QQQ ) is down -0.11%. September E-mini S&P futures (ESU25 ) are down -0.39%, and September E-mini Nasdaq futures (NQU25...

Barchart

US Treasury Freezes Bitcoin Purchases — Here's What Scott Bessent Plans To Do Instead

U.S. Treasury Secretary Scott Bessent on Thursday confirmed the government will not be buying additional Bitcoin (CRYPTO: BTC) for its strategic reserve, saying the holdings will grow only through confiscated assets.

Benzinga

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US warns India could face higher tariffs if Trump-Putin talks fail

Donald Trump has already imposed a 50 per cent import levy on India

The Independent UK

U.S.-China chip war: How Trump’s Nvidia-AMD deal has redefined Washington’s export control policy

One dismayed Democratic lawmaker said the move signals to China “that American national security principles are negotiable for the right fee.”

Fortune

Stocks Muted Before the Open With Key U.S. PPI Data in Focus

September S&P 500 E-Mini futures (ESU25) are down -0.02%, and September Nasdaq 100 E-Mini futures (NQU25) are down -0.08% this morning, taking a breather after recent gains, while investors look ahead to crucial U.S. producer inflation data for insight into how aggressively the Federal Reserve may cut interest rates.

Barchart

There’s one small problem with Trump’s export deal with Nvidia and AMD: The Constitution says it’s illegal

Also: All the news and watercooler chat from Fortune.

Fortune

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Asian Markets Mixed As Bitcoin Surges To New High

Bitcoin hit a new peak during early Asian trading on Thursday, as the yen surged after the US Treasury Secretary said he expects Japan to hike interest rates.

International Business Times

Treasury Secretary Scott Bessent fails to divest his financial holdings and hit with watchdog warning

Bessent, a former hedge fund manager, reportedly has a net worth of around $600 million

The Independent UK

Stocks See Support As Bessent Calls for a Big Rate Cut

The S&P 500 Index ($SPX ) (SPY ) on Wednesday rose +0.32%, the Dow Jones Industrials Index ($DOWI ) (DIA ) rose +1.04%, and the Nasdaq 100 Index ($IUXX ) (QQQ ) rose +0.04%. September E-mini S&P futures (ESU25 ) rose +0.32%, and September E-mini Nasdaq futures (NQU25 ) fell...

Barchart

Bessent says unusual Nvidia, AMD revenue-sharing deal could be a ‘model’ for other industries

Bessent called the deal “unique,” before suggesting that it could be a lot less unique soon. Scholars have another word: unprecedented.

Fortune

Trump-Putin Meeting Looms: Here's How Oil Markets Could React

With President Donald Trump set to meet Russian President Vladimir Putin in Alaska on Friday, global oil markets are on edge, weighing the possibility of peace, pressure, or a fresh wave of economic retaliation with the risks of major energy consequences.

Benzinga

Stocks See Support As Bessent Calls for Big Rate Cut

The S&P 500 Index ($SPX ) (SPY ) today is up +0.40%, the Dow Jones Industrials Index ($DOWI ) (DIA ) is up +0.59%, and the Nasdaq 100 Index ($IUXX ) (QQQ ) is up +0.44%. September E-mini S&P futures (ESU25 ) are up +0.38%, and September E-mini Nasdaq futures...

Barchart

Bessent Wants Aggressive Fed Rate Cuts: 'We Should Be 150-175 Points Lower'

U.S. Treasury Secretary Scott Bessent said interest rates are too restrictive and signaled the Trump administration supports an aggressive monetary easing cycle beginning as soon as September.

Benzinga

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Fortune

Markets have convinced themselves they’ll get a September base rate cut. Now they’re eyeing a double reduction

Treasury Secretary Scott Bessent is pushing for 50 bps to offset missed opportunities earlier this summer, but some analysts warn that rising core inflation to 3.1% and upcoming jobs data could still delay action.

Barchart

S&P Futures Gain as Fed Rate-Cut Bets Firm

September S&P 500 E-Mini futures (ESU25) are trending up +0.24% this morning, extending yesterday’s gains as growing expectations for Federal Reserve interest rate cuts fueled risk-on sentiment.

The Guardian - UK

US treasury secretary Scott Bessent calls for half-point interest rate cut at next Fed meeting – as it happened

Bessent calls for series of rate cuts after steady US inflation, sending global stocks rallying; dollar slips and pound hits three-week high

The Independent UK

Scott Bessent addresses explosive ‘WWE’ clash with Elon Musk in West Wing - and if he gave him a black eye

The Space X billionaire showed up to the Oval Office with a black eye in May, claiming it was from his five-year-old son

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Benzinga

Sen. Ron Wyden Warns Of Backdoor Social Security Privatization: 'It's Clear Trump Was Lying All Along'

As debate over the future of Social Security heats up once again, Sen. Ron Wyden (D-OR) is sounding the alarm over what many see as a renewed effort to privatize the program — this time, through a provision in the recently passed One Big Beautiful Bill Act.

Benzinga

Trump Removes IRS Commissioner Billy Long After 2 Months, Appoints Treasury Secretary Scott Bessent As Acting Chief Amid Agency Leadership Crisis

President Donald Trump has reportedly removed Billy Long as Internal Revenue Service commissioner just two months after his Senate confirmation. Treasury Secretary Scott Bessent will serve as acting IRS commissioner while the administration searches for a permanent replacement.

Benzinga

Trump-Backed Push For Rate Cuts Intensifies As Scott Bessent Leads Search For Fed Chair To Succeed Jerome Powell: Report

As President Donald Trump continues to push for lower interest rates, the search for a successor to Federal Reserve Chair Jerome Powell has expanded, with U.S. Treasury Secretary Scott Bessent at the helm.

The Guardian - US

Trump removes IRS commissioner Billy Long two months after he was sworn in

Long is reportedly now in line for Iceland ambassador post as treasury chief Scott Bessent takes over as acting IRS head

Benzinga

US To Rectify 'Regrettable' Error In Japanese Tariff Order, Promises To Refund Excess Duties

The U.S. government has pledged to rectify a presidential executive order, which will result in the removal of overlapping tariffs on Japanese goods.

Al Jazeera

US sanctions Mexico cartel members, including rapper El Makabelico

Treasury aims to disrupt Cartel del Noreste’s leadership and financial networks tied to violence and drug trafficking.

Fortune

Who’s on Trump’s short list for Jerome Powell’s replacement

Trump confirmed Treasury Secretary Scott Bessent declined the role, saying, “I want to work with you,” while market-watchers weigh how each candidate could impact Fed independence and dollar strength.

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