Connect with us

Business

Scott Bessent says he’s not worried about the stock market’s ‘healthy correction,’ insisting the Trump administration is only trying to avoid an even bigger financial crisis

Published

on



  • Treasury Secretary Scott Bessent said he was not worried about the stock market, as the S&P 500 faced its first market correction since 2023 last week. Bessent said “corrections are healthy,” adding the Trump administration’s policies, largely seen as driving market uncertainty, are necessary for long-term sustainability. 

Treasury Secretary Scott Bessent is not worried about the first stock-market correction since 2023, and he says it’s actually “healthy” to have a downturn now to avoid a crisis later.

The S&P 500, which tracks the broader market, fell into a correction last week by dropping 10% from the all-time-high it set earlier this year. The tech-heavy Nasdaq and Dow Jones also fell on March 13, before all three major indexes closed up on Friday.

Still, Bessent in an interview with NBC’s “Meet the Press” said there were “no guarantees” there won’t be a recession. He said he wasn’t worried about stock-market swings and added a downturn now could be a positive in the long term. 

“I’ve been in the investment business for 35 years, and I can tell you that corrections are healthy. They’re normal,” he told NBC. “What’s not healthy is straight up, that you get these euphoric markets. That’s how you get a financial crisis. It would have been much healthier if someone had put the brakes on in ’06, ’07. We wouldn’t have had the problems in ’08.”

Bessent’s comments come as the Trump administration’s policies on tariffs and DOGE efficiencies, including mass layoffs and spending cuts, rattle investor confidence. Since the Fed is unlikely to make major changes to its stance on interest rates at this week’s FOMC meeting, a clear message from the administration could be key to reversing the falling market, according to a note by Goldman Sachs analysts.

“If the Administration were to give a clear message that they were prepared to adjust policy to support the economy or that they would prioritize more growth-friendly parts of their agenda, that could provide more immediate relief,” the analysts wrote.

It’s unclear if the Trump administration is willing to stray from its tariff policy, which has seen it impose a broad 25% tariff on steel and aluminum imports that sparked reciprocal tariffs from countries like Canada. Despite the falling market, though, Trump and his officials like Bessent seem unbothered by the prospect of an extended downturn. 

In Trump’s first month in office, spending decreased but it still outweighed revenue, with the federal deficit increasing $307 billion in February, up 3.7% year-over-year. Bessent told NBC that had the U.S. remained at its large spending levels, it would have a guaranteed financial crisis. He added the Trump administration’s recent actions are necessary to prevent a future crisis.

“We are resetting, and we are putting things on a sustainable path,” he told NBC.

Despite the recent market setback, analysts at Evercore still see the S&P 500 skyrocketing to 6,800 from its current 5,690 by the end of 2025. Yet, in the worst case, slowing GDP growth of 1.5% and core inflation above 3% may bring on a period of stagflation that could see the S&P 500 collapse to 5,200—even lower than the 5,700 level it recorded when Trump was elected in November. 

“A material move below 5,700 without reprieve from Washington signals Trump is less concerned  with stocks, more concerned with Radical Change regardless of the asset market fallout,” the Evercore analysts wrote.

For now, Bessent shook off any fears of a long-term shock to markets and said he believed the Trump administration would win over Americans with its policies.

“I’m not worried about the markets. Over the long term, if we put good tax policy in place, deregulation and energy security, the markets will do great,” Bessent said. “I say that one week does not the market make.”

This story was originally featured on Fortune.com



Source link

Continue Reading

Business

Exclusive: Superlawyer David Boies expected to hit Boeing with wrongful death suit spurred by suicide of whistleblower John Barnett

Published

on

© 2025 Fortune Media IP Limited. All Rights Reserved. Use of this site constitutes acceptance of our Terms of Use and Privacy Policy | CA Notice at Collection and Privacy Notice | Do Not Sell/Share My Personal Information
FORTUNE is a trademark of Fortune Media IP Limited, registered in the U.S. and other countries. FORTUNE may receive compensation for some links to products and services on this website. Offers may be subject to change without notice.



Source link

Continue Reading

Business

Proposed Trump policy could force thousands of citizens applying for social security benefits to verify their identities in person

Published

on

Trump’s Social Security Administration proposed a major change that could force thousands of people every week to show up at a shrinking list of field offices before they can receive benefits.

In an effort to combat fraud, the SSA has suggested that citizens applying for social security or disability benefits over the phone would also need to, for the first time, verify their identities using an online program called “internet ID proofing,” according to an internal memo viewed by the Washington Post.

If they can’t verify their identity online, they will have to file paperwork at their nearest field office, according to the memo sent last week by Acting Deputy Commissioner for Operations Doris Diaz to Acting Social Security Commissioner Leland Dudek.

The memo acknowledged the potential change could force an estimated 75,000 to 85,000 people per week to seek out field offices to confirm their identities and could lead to “increased challenges for vulnerable populations,” “longer wait times and processing time,” and “increased demand for office appointments,” the memo read, according to the Post

The change would disproportionately affect older populations who may not be internet savvy, and those with disabilities. Claimants seeking a field office will also have fewer to choose from, as more than 40 of 1,200 are estimated to close, the New York Times reported, citing advocacy group Social Security Works. The list of offices slated to close is based on an unreliable list released by DOGE, according to Social Security Works. Elon Musk’s DOGE has also said it will cut 7,000 of the SSA’s 57,000 employees. 

The White House and the Social Security Administration did not immediately respond to Fortune‘s request for comment.

The SSA previously considered scrapping telephone service for claims, the Post reported, but backtracked after a report by the outlet. Regardless, the SSA said claimants looking to change their bank account information will now need to do so either online or in-person and could no longer do so over the phone.

Almost every transaction at a field office requires an appointment that already takes months to realize, according to the Post. 

The White House has repeatedly said it will not cut Social Security, Medicare, or Medicare benefits, and has said any changes are to cut back on fraud. A July 2024 report from the Social Security Administration’s inspector general estimated that between fiscal 2015 and fiscal 2022, the SSA sent out $8.6 trillion in disbursements. Fewer than 1% of the disbursements, or $71.8 billion worth were improper payments, according to the report.

Acting Social Security Commissioner Dudek said for phone calls, the agency is “exploring ways to implement AI — in a safe, governed manner in accordance with” guidance from the Office of Management and Budget “to streamline and improve call resolution,” according to a Tuesday memo obtained by NBC News.

Dudek mentioned in the memo that the agency has been frequently mentioned in the media, which has been stressing out employees.

“Over the past month, this agency has seen an unprecedented level of media coverage, some of it true and deserved, while some has not been factual and painted the agency in a very negative light,” he wrote. “I know this has been stressful for you and has caused disruption in your life. Personally, I have made some mistakes, which makes me human like you. I promise you this, I will continue to make mistakes, but I will learn from them. My decisions will always be with the best intentions for this agency, the people we serve, and you.”

This story was originally featured on Fortune.com



Source link

Continue Reading

Business

4 health benefits of rosemary, including a hidden compound scientists could potentially use to fight Alzheimer’s

Published

on



As you place sprigs of rosemary on a pan to roast alongside chicken or in a garlicky loaf of bread, you may not be thinking about the potential health properties this common herb is wielding.

It turns out, rosemary is a well-studied herb with myriad benefits—from boosting hair growth to potentially helping fight cancer.

Here’s how to take advantage of this natural health powerhouse.

Stimulate hair growth

While there are countless hair-growth supplements and hacks that circulate social media, rosemary oil, extracted from rosemary plants, is a tried-and-true tool to boost hair growth, backed by science.

In one study comparing the effectiveness of rosemary oil compared to minoxidil—a common medication used to stimulate hair growth in men and women—participants saw significant hair growth from both products after six months, with no difference between the two treatments’ effectiveness.

A comprehensive review of studies on the hair loss condition alopecia demonstrated that rosemary oil is an effective treatment due to its ability to improve scalp blood flow and enhance the regeneration of the hair follicles.

Improve skin health

Rosemary also has the potential to help heal the skin, according to a 2023 review of studies. Oxidative stress to the skin, caused by things like ultraviolet (UV) light, environmental pollution and chronic psychological stress, can damage the skin and lead to further skin aging and may play a role in skin cancer, according to researchers.

But thanks to its antioxidant and anti-inflammatory properties, rosemary could help treat some skin diseases either when ingested or applied to the skin.

Anticancer properties

Rosemary’s anticancer potential is more than skin deep: Ingesting rosemary was found to help stop the activation of carcinogens, increase antioxidant enzyme activities, reduce tumor-stimulating inflammation, decrease cell growth (which can lead to the production of cancerous cells), stimulate programmed cell death, and suppress tumor growth and invasion, according to a 2020 study.

Brain health and Alzheimer’s treatment

The benefits of rosemary extend to your nervous system, according to a 2020 review of studies. Rosemary extract showed anti-spasm, pain-relieving, anti-inflammatory, anti-anxiety and memory-boosting properties.

The study concluded that components of rosemary show promise in the treatment of anxiety, depression, Alzheimer’s disease, epilepsy, Parkinson’s disease, and withdrawal syndrome, researchers found.

For Alzheimer’s in particular, a January 2025 study in mice linked a compound found in rosemary to boosts in memory, more neuron synapses, reduced inflammation, and greater removal of toxic proteins that are linked to Alzheimer’s. It was administered to mice three times a week for three months, with no observable toxic effects. 

How to use rosemary for your health

All of the studies on rosemary have limitations: The use different a dose as well as different methods of extracting and administering rosemary, making it difficult to put the findings into clinical practice. In the anticancer study, authors also raised concerns about chronic use of rosemary extract becoming toxic.

While the Food and Drug Administration designates rosemary extract as generally recognized as safe (GRaS), there is no recommended daily allowance. Talk to your doctor before taking any supplement to make sure it’s safe for you.

The most common forms of rosemary are the herb or as an essential oil. You should not ingest the essential oil as it is highly concentrated and can be toxic when ingested, according to Poison Control. If you want to apply it to your skin, they recommend diluting it with a carrier oil like jojoba or argan oil. Rosemary essential oil is generally safe when inhaled through an aroma diffuser.

To reap the benefits of rosemary, you can steep the herb in boiling water and drink it as a tea, or make it a regular part of your cooking.

Mount Sinai Hospital advises, however, that pregnant and nursing women avoid taking rosemary as a supplement, as higher doses can potentially cause miscarriage—but, it is still safe to consume as an herb in food. Additionally, people with high blood pressure, ulcers, Crohn’s disease, or ulcerative colitis should not take rosemary.

For more on supplements:

This story was originally featured on Fortune.com



Source link

Continue Reading

Trending

Copyright © Miami Select.