Treasury Secretary Scott Bessent said the U.S. economy may be “starting to roll a bit,” as data suggests last year’s red-hot economy is slowing. Bessent said the Trump administration’s moves to transition the economy to one that emphasizes private spending over public spending may require a “detox” period.

Describing the economy as inherited is a reference to the administration under then-President Joe Biden. Current President Donald Trump took office on Jan. 20. Under Biden, the U.S. saw generally strong economic growth. However, there were signs of a slowdown in late 2024, and inflation remained above the Federal Reserve's 2% target.

Treasury Secretary Scott Bessent warned the U.S. economy could enter a "detox period" as the administration shifts from robust government spending.

Treasury Secretary Scott Bessent says that the US should become a global leader in digital assets. In a new interview with CNBC, Bessent says the United States should welcome crypto-related businesses into the country and take a leadership role in the industry.