贝森特“坦白局”：力推MAGA，但保护市场，特朗普“总是宣布高关税创造杠杆，随后降低”

Core Viewpoint - The article discusses the actions and philosophy of U.S. Treasury Secretary Bessent, highlighting his approach to implementing Trump's "Make America Great Again" (MAGA) agenda while maintaining market stability [1][2]. Group 1: Bessent's Approach and Philosophy - Bessent emphasizes maximizing the MAGA agenda without upsetting the markets, showing a healthy respect for market dynamics [1]. - He believes that Trump's strategy of imposing high tariffs initially serves as a negotiation tool, which is later adjusted to ease market tensions [3]. - Bessent's role has been perceived as a stabilizing force in the Trump administration, often acting as a buffer against extreme market reactions [3][4]. Group 2: Market Reactions and Criticism - Since Bessent's appointment, the S&P 500 index has risen approximately 12%, while the 10-year U.S. Treasury yield has decreased by over 0.5 percentage points [2]. - Critics argue that Bessent's actions have politicized the Treasury and undermined its long-standing reputation for maintaining a free market [2][4]. - The U.S. dollar has depreciated by about 8% since Bessent took office, raising concerns about market confidence [4]. Group 3: Influence on Federal Reserve - Bessent has taken a more public stance on intervening with the Federal Reserve compared to previous Treasury secretaries, supporting Trump's attempts to influence Fed appointments [5]. - He has criticized the Fed's quantitative easing policies and its expansion into areas beyond its traditional mandate [5]. - Bessent's political connections and support from key figures in the MAGA movement have strengthened his position within the administration [6]. Group 4: Internal Challenges and Future Outlook - Bessent faces internal opposition from MAGA allies regarding his proposed financial aid to Argentina, which some view as contradictory to MAGA principles [6]. - The ultimate test for Bessent will be whether he can help fulfill Trump's economic promises amid challenges like slowing job growth and persistent inflation [6]. - Bessent's role is to provide options and potential outcomes to the president, who ultimately decides the extent of policy implementation [7].