Treasury Secretary Scott Bessent suggested that the economic growth of the current quarter might “be slower than it was” due to the U.S.-Iran war.
Speaking to CNBC’s Sara Eisen on Wednesday, Bessent emphasized that the economy was in “such good shape” before the conflict and added that strong economic indicators influenced President Donald Trump‘s decision to go to war.
Bessent leaned on what he called “micro data points” from companies and banks to build a broader perspective on the economy, rather than trying to forecast GDP with precision. He cited JP Morgan Chase (NYSE:JPM) CEO Jamie Dimon‘s recent comments about consumer credit and pointed to corporate earnings as signs, in his view, that consumers and businesses are still holding up.
When asked about a GDP prediction, Bessent stated that it would be path dependent and contingent on the duration of the conflict, which remains uncertain.
“I don’t know whether it’s three days or three weeks,” he …
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