FOX Business correspondent Lauren Simonetti reports Treasury Secretary Scott Bessent’s remarks regarding the Iranian economy on “Varney & Co.”
FOX Business has exclusively obtained Treasury Secretary Scott Bessent’s response to Senator Elizabeth Warren’s latest letter regarding the rising 10-year Treasury yield.
The senator has sent more than 100 letters to the Treasury Department requesting information over the past 21 months.
Bessent’s Saturday letter, sometimes sarcastic, accused Warren of having little knowledge of financial markets.
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A split graphic showing Treasury Secretary Scott Bessent and Sen. Elizabeth Warren, D-Mass. (Getty Images/Getty Images)
“Rather than follow my suggestion to study introductory economics, you continued your epistolary crusade and tabloid coverage about the Treasury Department,” he wrote.
Warren sent a letter Oct. 7 requesting more information about what the Trump administration is doing to lower borrowing costs for average Americans.
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Warren asked Bessent to answer her questions by October 21.
In the letter, the senator accuses the Treasury secretary of raising costs, saying, “The rise in Treasury yields is self-inflicted and follows the Fed’s decision to raise the federal funds rate by a quarter of a percentage point, driven by concerns about inflation.” »
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Bessent refuted that characterization in his letter, adding, “It is difficult to consider your concern as sincere,” adding, “As the federal funds rate climbed from near zero to its highest level in 22 years, with inflation hitting a 40-year high, you were a supporter of the Biden administration’s reckless spending.”
He said she blamed the economic consequences at the time on the Federal Reserve, rather than “your own irresponsible fiscal policies.”
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“While you voted for a $5 trillion tax hike on everyday Americans, tax cuts for working families continue to benefit families and workers across the country,” he wrote.
Warren claimed in her letter that the One Big Beautiful Bill’s tax cuts would add $4.7 trillion to the national debt over a decade and benefit only the “ultra-wealthy and big corporations — while cutting health care and food assistance for families.” Meanwhile, the war in Iran has cost taxpayers an estimated $43.6 billion so far, according to the Pentagon.
Treasury Secretary Scott Bessent announces a new round of sanctions against Iran, calling them “economic D-Day,” in the Finance Room of the Treasury Department on August 24. (Chip Somodevilla/Getty Images/Getty Images)
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The secretary concluded his letter by jokingly offering “a foreign exchange tutorial for dummies,” adding, “if you receive a passing grade on the Yale Metric, and not the Harvard Curve, I would be happy to include Fixed Income for Dummies as well.” »
Warren is a former Harvard law professor, and Bessent previously taught economic history at Yale.
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Bessent signed it with a handwritten note wishing Sen. Warren a Happy Indigenous Peoples Day.
Gn bussni
