During an appearance on NBC‘s Meet the Press, Treasury Secretary Scott Bessent was asked about rising consumer prices. Host Kristen Welker brought up the fact that U.S. prices climbed last month at the quickest rate in five months, hitting 3.7%, and wondered whether the current administration’s policies were behind the increase.
Bessent described the situation as an energy shock. He told Welker that looking underneath the hood in the numbers showed core inflation had stayed very flat before this month and had been down for four months in a row. Food is below the Fed’s target, he said, while prescription drugs have had the biggest decrease in history and rents are down.
He predicted prices would ease once the Iran conflict ends. Welker challenged that framing right away. She pointed out that core inflation leaves out energy and food, then noted that gas is up 44% since the war with Iran began. She followed up by asking what message he had for voters who are feeling the strain and hoping for improvement.
Bessent shifts focus to Biden years while Welker cites time in office
In reply, Bessent turned to the previous administration. He suggested revisiting Biden-era policies where the American people got smoked, citing 21.5% inflation against only about 17% wage increases. Since President Trump has started, he said, the American people have gotten real wage increases of 1.5%, though he added that they are not satisfied with that level.
Bessent argued the current wage gains come from their economic policies and will be persistent. He repeated that they will get to the other side of the Iran conflict and that he believes the energy markets are going to be better supplied than they were.
Welker then noted that Trump has already been in office for 636 days, which she called about a year and a half. Inflation stood at 3% when he took office and is now 3.7%, she said. She pressed him on when the Trump administration would “take responsibility for the economy and say this is the Trump economy.”
Bessent answered that they will own the economy. He stated that so far this year they have got a million private-sector jobs, that they have never had this many people working in the U.S., and that the net worth of American households is the highest that it has ever been. He reiterated that this is an energy supply side shock, that they will get to the other side of this, and that this is one factor.
Welker observed that even President Trump has said this is his economy. She asked whether Bessent expects gas prices to fall before the new year. He responded that, again, it will depend on what happens with the Iran conflict. Senator Elizabeth Warren has also criticized Bessent over affordability concerns.
Published: Oct 19, 2026 08:00 am