At today's White House press briefing, Treasury Secretary Scott Bessent brushed off Fed surveys showing rocky economic times ahead.
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00:00On manufacturing, we've seen some pretty grisly surveys this month from the Philly Fed,
00:07which saw the biggest drop since May of 2020, and the Dallas Fed, similar plunging outlook,
00:14poor shipping orders. What are American manufacturers not understanding about your
00:20push for onshoring in the U.S.? Well, I think, I was in the investment business 35 years,
00:26and I learned to ignore the survey data and look, or the surveys, look at the actual data,
00:31and the actual data has been quite good. The job data is good. Americans keep spending.
00:37And as Caroline said, we have these incredible commitments to bring manufacturing back on shore
00:42with record investment by domestic corporations and foreigners who want to come into the U.S.
00:49We, Jeff.