US Treasury Secretary Bessent says that the average tax refund 11% higher versus last year

Oil prices will be lower than pre-conflict levels. Was asked about today's inflation and said he is looking through most of it. Almost 2,000 ships are waiting to come out of the Gulf and the oil market is set to be very well supplied. President Trump has said he's got several red lines, and Hormuz has to be free and open. Says he will not preview the Iran deal, nothing is on the table until the Strait is reopened Says Oman assured him that there are no plans to toll the strait Economy is facing challenges but unemployment is low, consumer spending is firm and tax refunds are up. On Iran, US has been patient, will continue defensive actions in Iran. Everything done thus far has been defensive. Patience with Iran is not forever.