Bessent defends Trump's "interlocking" economic agenda

Treasury Secretary Scott Bessent is talking up the economy to mark President Trump's first 100 days in office, claiming they are already creating private sector jobs and lowering inflation – while setting the table for a resurgence of "domestic manufacturing."Why it matters: For Wall Street, Trump's first 100 days have been defined by market turbulence, tariff whiplash and concerns about a recession.Bessent wants to focus more on Main Street and the fundamentals of the economy.He's arguing that all of Trump's proposed policies – when considered in totality – will improve living standards for American workers.What they're saying: "The three components of the Trump economic agenda—tariffs, tax cuts, and deregulation—are not standalone policies," Bessent will say in a statement."They are interlocking parts of an engine designed to drive economic growth and domestic manufacturing: Tax cuts and cost savings from deregulation raise real incomes for families and businesses; tariffs create an incentive for re-industrialization and fair trade; and deregulation complements tariffs by making it easier to invest in energy and manufacturing projects."By the numbers: The Trump administration wants to claim credit for inflation that appears to have slowed, highlighting a March CPI report that showed 12-month headline inflation at 2.4%.They are also touting a decline in bond yields, with yields on the 10-year down to 4.22% at yesterday's close. That's down from the 4.61% right before Trump took office.And 30-year fixed rate mortgages have also dropped, nearly half-a-percent since January 17.The other side: Consumer confidence has been plummeting in the last few months.The Conference Board's long-running consumer confidence survey fell for the fifth straight month in April.And the S&P is down nearly 8% since Trump's inauguration, for the worst 100-day start since the Ford administration, according to the FT.Bessent said that individuals still trust Trump with their money. "Individual investors have held tight, while institutional investors have panicked," he said at the White House this morning.The bottom line: NBC News surveyed nearly 20,000 adults earlier this month and asked which economic issue mattered to them the most. Inflation still tops the list, at 44%, listing it as their top concern.No. 2 on the list was taxes at 10%.Go deeper: Any Trump administration win on tax policy looks set to be overshadowed by the White House's tumultuous trade agenda, Axios Macro reported on Tuesday.

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