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Bessent warns 'perfect storm' brewing for beef prices, details Trump's $2,000 plan for working families

U.S. Treasury Secretary Scott Bessent says the Trump administration is focused on restoring everyday affordability and plans to send $2,000 checks to working Americans using revenue from new tariffs — though he noted Congress must approve the payments.

In an interview on Sunday Morning Futures, Bessent warned that a “perfect storm” of long pricing cycles, cattle disease concerns tied to immigration, and restrictions on Mexican beef imports are keeping food prices high. While inflation data is delayed due to the government shutdown, Bessent claims energy and interest rates are falling and that real purchasing power will improve through economic growth.

Beef prices remain a major concern, with Omaha Steaks’ CEO warning that costs could hit $10 per pound by late 2026.

Bessent said recent trade deals will remove tariffs on goods like coffee, cocoa, and bananas, which he expects will help lower the cost of living. Tariff revenues have risen sharply since Trump’s “Liberation Day” tariff policy launched, bringing in nearly $200 billion in FY 2025 — though economists note tariffs generate billions, not the trillions needed to meaningfully reduce the $38 trillion national debt.

Bessent closed by saying the administration is committed to lowering prices and acknowledging the financial strain Americans are feeling. Read More.

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A Very Important Week For Consumer Stocks 

Goldman Sachs consumer strategist Scott Feiler says this will be a crucial week for consumer stocks as major retailers report earnings and investor positioning sits at 7-year lows. He notes that the sector finally showed some improvement last week, but most of the move came from money rotating out of AI rather than true confidence in the consumer. Feiler expects stronger earnings from key names between now and Thanksgiving — including Walmart, TJX, ROST, GAP, and others — though investors will be watching closely for signs of a late-October spending slowdown. He adds that while there’s cautious optimism for better performance into year-end and hopes for a 2026 consumer rebound, conviction remains low due to soft labor-market sentiment and the sector’s sensitivity to daily AI swings. Trading activity has picked up, with long buys outpacing short sales, indicating a mild shift toward renewed interest in consumer discretionary and staples. Read More.