Bessent on the November CPI: "I actually think it was a pretty accurate number." "Every Wall Street predictor in Bloomberg was wrong. So what do you do when you’re wrong? You blame the measurement, you blame the data."

Bessent on the Fed: • Stephen Miran "will be going back to CEA probably in February or March." On the 2% target, he says it would be better to make it a range centered around 2% because of the spurious precision around 2.0%, but before you do that, you need to hit the target: • "We’ve chosen 2% and I think it’s very difficult to do a midair refueling or to call an audible on 2% when you’re above 2%, because then it looks like when you’re above a level you will always fudge upward.... once we re-anchor to the target, then we could talk about a range and we could decide whether the range is from 2.5% to 1.5%." • On the need to overhaul the Fed: "I understand probably better than just about anybody in the country what needs to be done."