US Treasury Secretary Scott Bessant said that the Federal Reserve's policy is hindering economic growth by keeping interest rates at too high a level. His comment followed the publication of revised data from the Bureau of Labor Statistics (BLS), according to which job growth in 2024 was overestimated by almost 1 million. With an earlier adjustment of 577,000, the total discrepancy was about 1.5 million jobs. «These data show that the economy under Biden looked better on paper than in reality,» said Bessent. According to him, President Trump got «a much weaker economy than previously thought.» The Finance Ministry also stressed that the downward adjustment confirms the slowdown in the labor market even before the introduction of Trump's new tariff policy, and the Fed's current tight monetary policy is only increasing pressure on the economy.
