The comments come after Bessent said Friday that the U.S. would undergo a transition period as the federal government tries to cut spending, including laying off public sector workers. Bessent on Thursday reiterated his view that current levels of government spending are "unsustainable.

Treasury Secretary Scott Bessent on Thursday played down the recent weakness in the stock market, saying the White House was focused on the long term. “I’m not concerned about a little bit of volatility over three weeks,