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US Treasury chief says Fed should not hike rates over energy shock tied to Iran war

World News

13-11-2026 | 09:20

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US Treasury chief says Fed should not hike rates over energy shock tied to Iran war

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U.S. Treasury Secretary Scott Bessent said on Friday that the Federal Reserve should have an open mind and not hike rates ‌because of an "energy supply shock" tied to the Iran war.

"I think the Fed should understand that this is an energy supply shock," while the underlying U.S. economy is very strong, Bessent said in an interview on CNBC.

"So I think that to hike ⁠too much into an energy supply shock when it's coming down, these are very noisy numbers," he said. "You know, the Fed's supposed to look into the future, not look in the rearview mirror."

"I'm not going ⁠to tell the Fed what to do. I am going to say they should have an open mind," Bessent said.

The Fed did three rate cuts over ⁠the same period last year, he noted.

"And now to reverse just based on an energy supply shock, a reversal in a dramatic ⁠way isn't something that I would do if I were on the Fed. But I'm not on the Fed."

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