US treasury secretary says economy to slow this quarter amid Iran war

U.S. Treasury Secretary Scott Bessent said on April 15 that the U.S. economy is likely to slow this quarter due to the Iran war, but remains fundamentally strong and is expected to recover.

Speaking in an interview with CNBC, Bessent said that while short-term growth may weaken, underlying indicators remain solid, Caliber.Az reports via foreign media. 

“The economy will be slower this quarter amid the Iran war, but it is in good shape and will rebound,” he said, adding that oil prices do not appear to be significantly affecting inflation expectations.

He also pointed to positive “micro data” on the U.S. economy, describing recent indicators as strong, and said the Treasury Department would closely monitor retail gasoline markets to ensure fair pricing for consumers.

"We'll be looking at Treasury to try to keep the retail gas stations honest -- that you did this on the way up, better be doing this on the way down," he said.

By Sabina Mammadli