US Treasury Secretary Bessent says at G20 press conference that days of settling for sub-par growth are over
US Treasury Secretary Bessent stated at G20 that sub-par growth is over, citing China as the sole dissenter blocking a unanimous communique, while projecting disinflationary benefits from AI spending.
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Says: Had hoped to announce unanimous joint communique. All but China reached a consensus. Unsustainable to have non-market economy export surge. Clear China was dissenter at G20. Will see very large real wage gains as energy retreats. We have a type of conundrum now with AI borrowing. AI spending will ultimately be disinflationary. Guess in next six months will start seeing AI benefits. Expect AI to be on the agenda when Chinese President Xi comes to the US in September.
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