US Treasury Secretary Bessent on Debt, DOGE, Dollar, and Musk

这段彭博电视台对第79任财政部长斯科特·贝森的采访涵盖了广泛的经济和地缘政治议题，提供了对特朗普政府经济政策和优先事项的见解。贝森将他的转变描述为从一个外部市场观察者转变为一个负责制定政策并理解其市场和经济影响的内部人士。 一个关键的关注点是债务市场。贝森承认维持了前任政府的国债发行计划，表明短期内将延续现有的政策。他表示相信特朗普政府的整体政策将是反通货膨胀的，理由是努力降低能源成本、放松监管以及税收减免的潜在永久化，所有这些都将导致收入增加和成本降低。他强调一个中期视角，取决于这些政策生效和市场反应。他还暗示，如果美联储结束其资产负债表缩减，财政部可能更容易延长债务期限。 他说这取决于路径，当通货膨胀开始下降时，他们就会看到。 关于美联储，贝森拒绝评论美联储“应该做什么”，但他分析了过去的行动。他承认，美联储的降息并不总是导致长期收益率下降。他强调，必须解决住房和汽车支付方面的负担能力危机，以刺激经济增长。 贝森为“多吉（Doge）”计划辩护，认为这是对政府效率的关键审计，并通过强调其实地实施而非学术理论来区别于过去的努力。他对该计划遭受的不公正攻击表示遗憾，暗示既得利益正在受到挑战。尽管暗示如果能够实现，5,000美元的潜在多吉支票并非不可能，并提到重新评估黄金价值不在考虑范围内。 在国家安全问题上，贝森正在审查制裁政策，以确保其在21世纪的有效性和相关性。他对泽连斯基总统在慕尼黑的讲话以及未能最终敲定矿产协议表示失望，强调特朗普最初的计划是加强美乌经济联系，以此作为安全的基础。 话题随后转向关税，讨论了互惠关税和公平贸易。 他强调他们希望共同努力，关税是对源自中国的芬太尼危机的回应。他重申美国仍然奉行强势美元政策，并且希望纠正那些被低估的货币，特别是中国，并且政府致力于重新平衡他们的经济，以有利于消费。 随后他提到了欧洲国家及其对北约资金的贡献，他表示这是一个关键焦点。 他指出，对俄罗斯的制裁仍然非常重要，这取决于谈判的进展情况。 他重申总统致力于尽快结束冲突。 他将埃隆·马斯克描述为非常专注和精力充沛，不断质疑现有的做法并推动解决方案。 当被问及有报道称员工因裁员而面临经济困难或精神困境时，贝森表示同情，但强调许多美国人每天都面临这种经历，政府必须迅速行动以撼动现状。贝森还强调了财政部员工的素质以及推动员工返回办公室。 采访结束时，贝森反思了他从市场参与者到政策制定者的转变。 他感谢从同事那里获得的反馈机制，并注意到他与白宫决策层之间的距离很近。 他最后重申特朗普致力于颠覆现状并履行他的使命。

This Bloomberg TV interview with the 79th Secretary of the Treasury, Scott Besson, covers a wide range of economic and geopolitical issues, offering insights into the Trump administration's economic policies and priorities. Besson frames his approach as shifting from an outside market observer to an insider responsible for shaping policy and understanding its market and economic implications. A key focus is the debt market. Besson acknowledges maintaining the previous administration's Treasury issuance plans, indicating a short-term continuation of existing policy. He expresses confidence that the Trump administration's overall policies will be disinflationary, citing efforts to reduce energy costs, deregulation, and potential permanence of tax cuts, all leading to increased revenue and decreased costs. He emphasizes a medium-term perspective, contingent on these policies taking effect and market response. He also suggests that if the Fed ends its balance sheet runoff, it may become easier for the Treasury to extend the term of the debt. He says it is path dependent, and when inflation starts to drop, then they will see. Regarding the Federal Reserve, Besson declines to comment on what the Fed "should do" but analyzes past actions. He acknowledges that the Fed's rate cuts haven't always resulted in lower long-end yields. He emphasizes the necessity of addressing the affordability crisis in housing and auto payments to stimulate growth. Besson defends the "Doge" program as a crucial audit of government efficiency, distinguishing it from past efforts by emphasizing its on-the-ground implementation rather than academic theory. He laments what he perceives as unfair attacks on the program, indicating that entrenched interests are being challenged. While suggesting $5,000 potential Doge checks are not out of the question if brought down, and mentions revaluing gold is not on the table. On the topic of national security, Besson is reviewing sanctions policies to ensure their effectiveness and relevance in the 21st century. He expresses disappointment with President Zelensky's remarks in Munich and the failure to finalize the minerals deal, emphasizing Trump's original plan to strengthen U.S.-Ukraine economic ties as a foundation for security. The topic then moves to tariffs with a discussion of reciprocal tariffs as well as a fair trade. He emphasizes that they are wanting to work together and the tariffs are in response to the fentanyl crisis originating in China. He does re-iterate that the US still has a strong dollar policy and does want to remedy the currencies that are undervalued, specifically China, and that the government is dedicated to rebalancing their economy in favor of consumption. He then touches on the European countries and their contribution to NATO funding which he states is a key focus. He notes that the sanctions on Russia are very much still on the table depending on how the talks go. He iterates the president is committed to ending the conflict quickly. He characterizes Elon Musk as incredibly focused and energetic, constantly questioning existing practices and pushing for solutions. When asked about reports of employees experiencing financial hardship or mental duress from layoffs, Besson expresses sympathy but emphasizes that this is an experience many Americans face daily and it is necessary for the administration to move quickly to shake up the status quo. Besson also highlights the quality of the Treasury staff and the push to bring employees back to the office. The interview closes with a reflection on Besson's transition from a market participant to a policy maker. He acknowledges the feedback mechanism he gains from his colleagues and notes his proximity to decision-making within the White House. He concludes by reiterating Trump's commitment to disrupting the status quo and fulfilling his mandate.