U.S. Treasury Secretary Scott Bessent said the Treasury had not yet bought anything in the bond market and described underlying inflationary pressure as very low. He also said interest rates are not traditionally raised in response to supply shocks and declined to predict the Federal Reserve’s next decision. His CNBC comments add to earlier remarks describing U.S. core inflation as moderate as energy-related pressures linked to geopolitical tensions, including the Iran conflict, fuel debate over the appropriate policy response. Bessent has repeatedly avoided forecasting Fed policy or criticizing the central bank since becoming the 79th U.S. Treasury Secretary on January 28, 2025. He has also supported reducing forward guidance, including possible changes to the dot plot. Kevin Warsh is now Fed Chair after Senate confirmation earlier in 2026, succeeding Jerome Powell.