US Treasury chief flags recession dangers in key sectors – Recession Fears Rise

US Treasury Secretary Scott Bessent warned that components of the U.S. financial system, particularly housing, might already be in recession because of excessive rates of interest. Talking on CNN’s State of the Union, Bessent stated, “We’re in fine condition total, however sure sectors are in recession,” including that the Federal Reserve’s tight insurance policies have created “distributional issues” within the financial system. (Supply: Reuters)