[Regnum] Certain sectors of the US economy are experiencing a recession. US Treasury Secretary Scott Bessent stated this in an interview with CNN on November 2.
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According to him, the country's economy is generally in good shape, but certain sectors are experiencing a downturn, largely due to Federal Reserve policies. Housing construction, in particular, is in decline.
Bessent emphasized that lowering mortgage rates could halt the recession in this sector. Currently, the Federal Reserve, the country's central bank, has lowered its benchmark interest rate to 3.75-4%—this is the second consecutive reduction.
Federal Reserve Chairman Jerome Powell added that tariffs imposed by the Trump administration have led to higher prices on a number of goods. However, the effect on inflation is expected to be short-lived.
He also noted that the partial shutdown of the US government due to the lack of a budget is negatively impacting the country's economy.