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To investors,

Treasury Secretary Scott Bessent went on a heater this weekend. First, he called out the media for their lopsided coverage of recent volatility in financial markets. Bessent said in an interview with ABC:

"There was a story ten days ago that said this is the worst April for the stock market since the Great Depression. Ten days later, the Nasdaq is now up on the month of April, and I haven't seen a story that says 'stock market has biggest bounce back ever.'"

Regardless of whether you like the current administration or not, you have to acknowledge the coverage has been biased to say the least. Most investors are not looking to inject their politics into their portfolio. They want to understand the facts of the current situation, combined with the probability of what is going to happen in the future, so they can correctly position themselves to profit.

Bessent wasn’t done there though.

He went on to explain the barbell economy that makes of up the United States of America:

“The U.S. has a barbell economy. We have a financial system and tech sector that's the envy of the world. On the other side, we're a natural resource economy led by energy. In between is where working class Americans have lost out — and we want to fix that.”

By reiterating his commitment to the working class, Bessent is clearly articulating exactly what the goal of this administration’s economic policies are. Frankly, the people who are critiquing the policies tend to agree on the admirable goal, yet they disagree on the path to achieve these goals.

Take Andrew Ross Sorkin of CNBC and NY Times — he was on the All-In podcast recently and most people were surprised to hear Sorkin and David Sacks agree on the high-level strategic goals. Take a listen:

It is obvious that we need more conversations like this in America — smart, successful people having open dialogue about current events. Some of the people agree some of the time. Other people disagree some of the time. But we are all more similar than different, so it is powerful for these types of podcast episodes to be recorded and published — kudos to everyone involved in this one.

Let’s go back to something David Sacks said in that clip though:

“The fact that you’re saying that you don’t disagree with where Trump is trying to get to, but it’s mostly just tactical, is a huge shift in the conversation.”

So what exactly is the goal? Well, we got more clarity on that this weekend — President Trump said multiple times he wants to cut taxes for a large portion of American citizens. He started the weekend by posting it on Truth Social:

Then he followed that up with an interview yesterday where he said“We're gonna cut taxes for the people of this country. It'll take a little while... it's possible we'll do a complete tax cut. I think the tariffs will be enough to cut all of the income tax.”

As expected, the supporters of the administration think massive tax cuts are right around the corner. The critics believe Trump is blowing smoke and won’t be able to cut taxes at all. The truth is somewhere in-between in my opinion. Tax cuts will probably happen, but they will take longer than expected and they won’t be complete elimination of federal income tax.

It won’t matter though — millions of Americans who make $200,000 or less would welcome a lower tax rate. I don’t blame them. And lower taxes means more money in people’s pocket, which leads to more consumption and economic growth. Again, there is plenty of disagreement on the tactical decisions, but almost every person I know thinks it would be powerful to cut taxes for majority of Americans without losing government revenue.

If you remember, the state of Mississippi announced back in March they would be eliminating the state income tax. That is just one example in recent history. The Governor said at the time “our people should be awarded for hard work, not punished.”

You are not going to find many people who disagree with that sentiment.

So this brings me to the market reaction from the administration’s economic policies — everyone thinks financial assets have been suffering, but the exact opposite is true. Since the close of the stock market on Liberation Day, the S&P 500 is up. Gold is up. Bitcoin is up. Inflation is down. And job creation is up.

Now we are only talking about a little more than three weeks, so no one should be taking victory laps just yet, but these positive results highlight how the market is seeing the current state of economic policy. Add in one or two interest rate cuts by the summer, combined with a few announcements of trade deals with foreign countries, and I anticipate we will see asset prices right back to all-time high levels.

Lets see what happens. Hope you all have a great start to your week. I’ll talk to everyone tomorrow.

- Anthony Pompliano

Founder & CEO, Professional Capital Management

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