Treasury Secretary Scott Bessent said Donald Trump is not asking the Federal Reserve to lower its short-term interest rates, but what he and the president do want is to bring down longer-term borrowing costs via 10-year Treasury yields (^TNX).

Treasury Secretary Scott Bessent appeared on FOX Business Network's "Kudlow" and urged Republicans to make President Trump's tax cut permanent, rather than a temporary extension.

The secretary replaces Rohit Chopra, who had aggressively sought to expand the bureau’s authority over banks and other financial firms.