In an effort to tackle rising consumer prices, Treasury Secretary Scott Bessent announced the establishment of a new “affordability king” and a distinct “affordability committee” on Sunday.
Bessent described the value king as” one who picks the five or eight places where this management can make a huge difference for working-class Americans” in a statement on CBS News’ Face the Nation. The new value committee was not covered in the Treasury Secretary’s statement.
Although those steps to lower high prices are still being considered, Bessent defended the progress the Trump administration has made in the last few days, citing declining interest charges in particular.
” I believe President Trump said he will own the economy in six or twelve weeks, but I can tell you that we are working to bring these rates down daily, but it took four decades to get us here, and we have had five months to get interest rates to be down,” he said. That’s a very good first step toward affordable accommodation, car financing, and how we’re dealing with this,” he said.
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New inflation data from the Bureau of Labor Statistics, which showed a decrease of one tenth of a percentage point in January, from 2.6 % to 2.5 %, is also a plus for the new administration.
Core prices, which does not include charges for food and energy, increased 2.6 % on an annual basis. Additionally, the consumer price index increased by 3 % in January, which is above the preferred 2 % level of the Federal Reserve.
