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Treasury Secretary Scott Bessent has forecasted a significant upturn in the U.S. economy, projecting noticeable growth in either the first or second quarter of 2026.
Bessent’s comments came during an interview with Fox News host Maria Bartiromo. During the interview, Bessent also spoke about the rising costs of ground beef, which Omaha Steaks President and CEO Nate Rempe warned could reach “$10-a-pound by next fall,” according to the New York Post.
“I anticipate a substantial economic acceleration during the early months of 2026. We’re already witnessing a downward trend in various price categories, and the rise in real income is something Americans are likely to experience in the upcoming quarters,” Bessent remarked.
In response to predictions made by Rempe on Fox News, who suggested that ground beef prices might not decline until 2027, Bessent highlighted a recent executive order by President Donald Trump. This order, which aims to reduce tariffs on imports like beef and coffee, could potentially alter that timeline.
Bessent also critiqued the previous administration under President Biden, attributing the “terrible inflation” to their policies. He emphasized that the Trump administration is actively working to “flatten it out.”
“We inherited a challenging inflationary environment, but we’re making strides to stabilize it,” Bessent stated. “Energy prices have decreased, and interest rates are seeing reductions as well.”
“We inherited this terrible inflation. We are flattening it out,” Bessent explained. “I believe we’re going to push it down. Energy prices are down. Interest rates are down.”
Along with predicting that the U.S. economy would accelerate at the beginning of next year, Bessent also remained hopeful that “in the first two quarters” of next year, the U.S. would “see the inflation curve bend down and the real income curve substantially accelerate.”
Bessent’s comments come after he stated, during an interview on Fox News Channel’s Fox & Friends, that in the first quarter or second quarter of next year,” inflation and income will “cross” as inflation goes down and real wages increase.
“Brian, imagine two lines,” Bessent told Fox News host Brian Kilmeade. “There is the inflation line; we’ve got that under control. It’s leveled out. That is going to start turning down. Then there’s the income line, which under Biden, because so many of the jobs or government jobs — you can’t get real wage growth from a government job — real wages are going to increase. And I would expect in the first quarter, second quarter of next year, those two lines are going to cross, and the American people are going to start feeling better.”
