Bessent Saw the Capital Investment Boom Coming a Year Ago
Treasury Secretary Scott Bessent spent much of last year predicting that the Trump administration’s policies would set off a boom in capital spending . The boom would begin with artificial intelligence and a handful of enormous factory projects, spread across the industrial economy, and eventually produce jobs.
The latest manufacturing data look remarkably like the economy Bessent described.
The Federal Reserve reported Tuesday that production of business equipment rose 0.8 percent in July and 6.6 percent from a year earlier. It grew at a 12.7 percent annual rate in the second quarter…
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