Subject: Forget about lower rates
Conflict with Iran has dimmed the E-Z money impulse in one key corner, with Treasury secretary Scott Bessent telling Semafor Monday that the Federal Reserve should “wait and see” before undertaking further rate cuts. That compares to a January speech in Minneapolis in which Bessent deemed monetary easing “the only ingredient missing for even stronger economic growth, which is why the Fed should not delay.” —Grant’s

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