BESSENT: THINK WE ARE GETTING ENERGY SUPPLY SHOCK, THINK FED SHOULD HAVE AN OPEN MIND

Treasury Secretary Scott Bessent said he believes the economy is experiencing an energy supply shock and that the Federal Reserve should keep an open mind about its policy response. The transmission mechanism runs through inflation expectations: a supply-driven rise in energy costs lifts headline inflation and can feed into core prices through transportation and input costs, which complicates the Fed's path toward easing. Rates markets are most directly exposed, since any reassessment of the policy trajectory reprices front-end Treasury yields and shifts the expected timing of rate cuts, with the dollar and equity sectors sensitive to energy costs also in play. Traders should watch the next Consumer Price Index release and the weekly EIA crude and gasoline inventory reports for evidence of whether energy price pressure is broadening beyond the headline figure.

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