U.S. Treasury Secretary Scott Bessent said on Sept. 27 that Federal Reserve policymakers should keep an open mind on interest rates as artificial-intelligence productivity gains and deregulation expand economic supply and help contain inflation. Speaking on Fox News' Sunday Morning Futures, Bessent compared current gains with the productivity surge during Alan Greenspan's tenure and said Kevin Warsh, President Donald Trump's choice for Fed chair, understood the potential. Bessent said core inflation had remained subdued, while oil prices driven higher by the war in Iran lifted headline inflation. In August, headline consumer prices rose 3.4% from a year earlier, core inflation increased 2.4%, and energy prices jumped 16.3%. The Federal Reserve raised its benchmark rate by 25 basis points to a range of 3.75%-4.00%, the first increase since 2023. Bessent also cited tax cuts and predicted that Iranian oil shipments to China would soon stop amid U.S. pressure over the Strait of Hormuz.