Treasury Secretary Scott Bessent speaks with reporters outside the West Wing of the White House in Washington on Oct. 22, 2025. Jim Watson/AFP via Getty ImagesThe U.S. housing market and other parts of the economy may already be in a recession due to high interest rates, Treasury Secretary Scott Bessent said Sunday, reiterating that the Federal Reserve should initiate more rate cuts.“I think that we are in good shape, but I think that there are sectors of the economy that are in recession,” Bessent told CNN’s “State of the Union” program on Sunday, characterizing the overall economic environment as in a transition period.
Bessent Suggests US Already in Housing Recession, Calls for Lower Interest Rates
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