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Secretary of Treasury, Scott Bessent, has become one of the most influential voices of the new administration since taking office six months ago. If you want to know the thoughts and direction of the administration, listen to what Secretary Bessent says. Here are a few of his recent quotes:

“I have made clear that we need a fundamental reset of financial regulation. And the Treasury Department is committed to playing an active role in this effort” (July 21, 2025 – Federal Reserve Capital Conference).

When DOGE disappointed in delivery spending cuts, Bessent changed is rhetoric to growth as the way of dealing with the debt. “We are going to spur on tremendous economic growth” (June 1, 2025, Financial Times).

Related to Trump potentially removing Jay Powell, “He might like for him to resign, but he’s not going to fire him” (July 23, 2025 – The Hill).

Related to reviewing the Fed’s purpose, “[The Fed has seen] mandate creep into areas beyond its core mission provoking justifiable criticism” (July 21, 2025 – Reuters).

What does all of this even mean?

Bessent has been projecting for months what they hope and intend to do in the economy. All of it can be boiled down to a few statements, as follows:

They want lower interest rates and believe the Federal Reserve is moving too slowly. Jay Powell will be Fed Chair until May 2026 unless he resigns early.
They want economic growth at all costs, even if it’s inflationary, because ‘growing out of the national debt’ became the only solution once DOGE failed.
They want the dollar to continue to weaken against other currencies

These are the themes that we are watching and are currently shaping our portfolio allocations.

International stocks and hard assets have done well as a result of the dollar devaluation this year. Growth stocks have outperformed Value stocks because of the deregulatory and pro-growth environment. Once the market realized that (by and large) tariffs were a negotiating tool, stocks bottomed and have since recovered more than 20%.

The biggest risk we see right now is a situation where the economy runs hot (inflation) while simultaneously seeing lower rates. That would induce an environment that would be unfriendly to fixed income investors.

So far, as we stand halfway through the year, markets have been good to those who have stayed the course and remained invested.

Disclaimer: This content is for informational purposes only and is not a recommendation or advice. Opinions are based on current market conditions and are subject to change. The investment themes discussed are general in nature and may not be appropriate for all investors. Economic and market forecasts are inherently uncertain and should not be relied upon to predict future results. Past performance is not indicative of future returns. Investing involves risk, including the potential loss of principal.

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