U.S. Treasury Secretary Scott Bessent on Tuesday emphasized a firm commitment to reducing interest rates as a cornerstone of the Trump administration's economic strategy and outlined how lowering rates would alleviate financial pressures on American households and stimulate economic growth.

What Happened: In an interview with Fox News on Tuesday, he said doing so would be considered one of the Donald Trump administration's early achievements, even as the president finishes 7 weeks of his second term.

Bessent highlighted the recent decline in mortgage rates since Trump's election and inauguration as evidence of market confidence in the administration's policies.

"We're set on bringing interest rates down, and I think that's one of the great accomplishments so far," he stated, noting that the drop in the 10-year Treasury bond yield and the narrowing spread between it and mortgage rates reflect anticipated bank deregulation efforts.

This reduction, he explained, extends beyond mortgages to impact credit card and auto loan rates, offering relief to the bottom 50% of Americans who have faced high borrowing costs over the past two years.

This promise of cheaper credit dovetailed with Bitcoin's sharp climb, which peaked at $92,000 on Monday, spurred by institutional enthusiasm after Trump's late Sunday pledge to stockpile Bitcoin BTC/USD alongside Ethereum ETH/USD, XRP XRP/USD, Solana's SOL/USD and Cardano's ADA/USD.

Bitcoin's rally created a notable disparity in the CME Bitcoin futures chart, with prices jumping from a Friday close of $84,500 to a Monday opening of $95,300.

By Tuesday afternoon in Asian markets, this gap had closed as Bitcoin retreated to $83,500, erasing the prior day's gains.

Also Read: Bitcoin Bottom Will Be $70,000 ‘At Worst,’ Arthur Hayes Says

Why It Matters: The Treasury Secretary tied the interest rate strategy to broader economic goals, including energy dominance and tariff implementation.

He pointed to Trump's focus on unleashing U.S. energy production—crude oil, natural gas, and nuclear—as a means to lower costs and enhance global security through increased exports.

Bessent also addressed the tariffs enacted—10% on China and 25% on Mexico and Canada—acknowledging short-term market turbulence but expressing confidence in their medium-term benefits.

"We are going to rebalance the economy. We're gonna bring manufacturing jobs home," he said, citing Honda's recent pledge to relocate manufacturing to Indiana as an early win.

Bessent's remarks come amid a multifaceted economic agenda aimed at boosting small business confidence, cutting red tape, and improving affordability.

He introduced the concept of an "affordability czar" tasked with tackling price spikes in essentials like insurance and housing through deregulation, distinguishing this effort from the Federal Reserve's inflation targets.

While inflation is slowing, Bessent stressed the administration's focus on reversing administrative burdens imposed by the previous administration, which he estimated cost households thousands annually.

With a personal background rooted in risk management and a Main Street perspective from his South Carolina upbringing, Bessent underscored a disciplined approach to fiscal policy.

Despite Washington, D.C.'s influence over 25% of the nation's economy, he affirmed that the administration's priorities lie with the broader American public, aiming to manage costs and reduce the deficit without overextending financially.

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