Treasury Secretary Scott Bessent says the U.S. economy will pick up speed in early 2026, likely in the first or second quarter. He shared these thoughts during a recent interview with Fox News. Bessent expects prices to ease and real incomes to rise, which should help Americans feel better financially by then.
Bessent also talked about the rising cost of ground beef. Omaha Steaks CEO Nate Rempe warned that ground beef prices might hit $10 a pound by next fall and probably won’t drop until 2027. However, Bessent pointed out that President Donald Trump recently signed an executive order to lower tariffs on imports like beef and coffee, which could help bring prices down sooner.
While Bessent criticized the previous Biden administration for causing “terrible inflation,” he credited the Trump administration with efforts to control it. “We inherited this terrible inflation,” Bessent said. “We’re working to flatten it out. Energy and interest rates are both down.”
He also predicts inflation and income levels will cross paths in early 2026. That means inflation will start to fall while real wages grow, leading to an improved financial situation for many Americans. Bessent believes this shift will be obvious by the middle of next year, helping ease affordability issues for households.
In short, while some prices are still high now, Bessent sees signs that the economy is stabilizing. With inflation slowing and wages rising, he’s hopeful that things will look up for everyday Americans in the near future.
