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Scott Bessent: “The Russell Index of smaller cap stocks has outperformed…”

Featuring: Scott Bessent, Republican | Secretary of the Treasury | National

Conversation with Scott Bessent, US Secretary of the Treasury

Published January 20, 2026 | Video Starts at 34:38

I don't have time to follow the markets as closely, but to the extent last year, year before, everyone said, oh, this is just mag 77 stocks. It's not healthy. We've seen a big broadening out in the market. The Russell Index of smaller cap stocks has outperformed. The S and P equal weight has outperformed. And I actually think that that speaks to the economic recovery. We're seeing it across all sectors. Our friend Ed Hyman at ISI does these corporate surveys. (34:38–34:46)

CLAIM

Asserts that the Russell Index and S&P equal weight have outperformed, indicating economic recovery.

This is an excerpt from a raw transcript. The assertions have not been audited or verified. Tap the video to view the source footage and understand the context.

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Scott Bessent

“Japan over the past two days has had a six standard deviation move in their bond market.”
Conversation with Scott Bessent, US Secretary of the Treasury | Uploaded January 20, 2026 | 06:42-06:49
“The United States of America since 1980 has contributed $22 trillion more dollars or spent $22 trillion more dollars on defense than all of…”
Conversation with Scott Bessent, US Secretary of the Treasury | Uploaded January 20, 2026 | 08:35-08:48
“97% of the high end chips are made in Taiwan.”
Conversation with Scott Bessent, US Secretary of the Treasury | Uploaded January 20, 2026 | 26:16-26:22
“We have lost more than 50% of the small and community banks.”
Conversation with Scott Bessent, US Secretary of the Treasury | Uploaded January 20, 2026 | 30:50-30:53
“President Trump put a 25% tariff on [India]. And India has geared down and has stopped buying Russian oil.”
Conversation with Scott Bessent, US Secretary of the Treasury | Uploaded January 20, 2026 | 31:56-32:05
“The president has a very strong view on Western hemispheric security and believes that the US should not outsource our national security.”
Conversation with Scott Bessent, US Secretary of the Treasury | Uploaded January 20, 2026 | 03:32-03:41
“He believes that Greenland is essential for the Golden Dome missile shield.”
Conversation with Scott Bessent, US Secretary of the Treasury | Uploaded January 20, 2026 | 03:41-03:47
“Greenland's becoming more and more attractive for foreign conquests.”
Conversation with Scott Bessent, US Secretary of the Treasury | Uploaded January 20, 2026 | 04:06-04:14
“No country is going to assert control [over] Greenland if the US controls Greenland.”
Conversation with Scott Bessent, US Secretary of the Treasury | Uploaded January 20, 2026 | 04:57-05:04
“This has been in the minds of American Presidents for more than 150 years.”
Conversation with Scott Bessent, US Secretary of the Treasury | Uploaded January 20, 2026 | 05:58-06:04
“The President has said that he on February 1 will implement a 10% tariff if the Danes do not want to give up Greenland.”
Conversation with Scott Bessent, US Secretary of the Treasury | Uploaded January 20, 2026 | 07:32-07:49
“When President Trump came in in his first term, the European countries and Canada were not meeting their spending quote as a percent of GDP…”
Conversation with Scott Bessent, US Secretary of the Treasury | Uploaded January 20, 2026 | 08:16-08:32
“Everyone has [stepped up defense spending], except Spain.”
Conversation with Scott Bessent, US Secretary of the Treasury | Uploaded January 20, 2026 | 09:12-09:14
“For the fiscal year which ends September 30th, we had a fiscal contraction. For the calendar year, we had a very large fiscal contraction…”
Conversation with Scott Bessent, US Secretary of the Treasury | Uploaded January 20, 2026 | 10:12-10:28
“Calendar year 2024 was 6.9%, the highest we've ever had when the US was not at war or not in a recession.”
Conversation with Scott Bessent, US Secretary of the Treasury | Uploaded January 20, 2026 | 10:30-10:37
“Calendar year 2025, 5.4%. I have called for getting that number down to 3% by the end of President Trump's term.”
Conversation with Scott Bessent, US Secretary of the Treasury | Uploaded January 20, 2026 | 10:45-10:54
“US bond market had its best performing year since 2020.”
Conversation with Scott Bessent, US Secretary of the Treasury | Uploaded January 20, 2026 | 11:19-11:25
“The Japan situation, that the market there again had a six standard deviation move and that was happening before any of the Greenland news.”
Conversation with Scott Bessent, US Secretary of the Treasury | Uploaded January 20, 2026 | 12:00-12:15
“The first IPA tariffs were fentanyl tariffs. So on Mexico, on Canada, on China.”
Conversation with Scott Bessent, US Secretary of the Treasury | Uploaded January 20, 2026 | 13:20-13:28
“On October 8, the Chinese government announced Rare earth export controls on the entire world, not just the US.”
Conversation with Scott Bessent, US Secretary of the Treasury | Uploaded January 20, 2026 | 13:51-13:59
“They have completed their soybean purchases and we're looking forward to next year's 25 million tons.”
Conversation with Scott Bessent, US Secretary of the Treasury | Uploaded January 20, 2026 | 15:09-15:18
“They've done everything that they said they're going to do.”
Conversation with Scott Bessent, US Secretary of the Treasury | Uploaded January 20, 2026 | 15:26-15:29
“They are flowing as expected. We are in a fulfillment rate that's in the 90s.”
Conversation with Scott Bessent, US Secretary of the Treasury | Uploaded January 20, 2026 | 15:44-15:52
“4.3% GDP, there was private sector GDP, so are actually after the fiscal contraction.”
Conversation with Scott Bessent, US Secretary of the Treasury | Uploaded January 20, 2026 | 16:29-16:40
“The government contracted by 0.4.”
Conversation with Scott Bessent, US Secretary of the Treasury | Uploaded January 20, 2026 | 16:42-16:45
“President Trump's economic policy, tax deals, trade deals, and deregulation.”
Conversation with Scott Bessent, US Secretary of the Treasury | Uploaded January 20, 2026 | 16:50-16:56
“We're seeing 12, 14% CapEx growth in the U.S.”
Conversation with Scott Bessent, US Secretary of the Treasury | Uploaded January 20, 2026 | 18:00-18:05
“Price prices are high. That the Biden administration was a wipeout for working Americans, that the price level increased by 21, 22, 23%.”
Conversation with Scott Bessent, US Secretary of the Treasury | Uploaded January 20, 2026 | 19:13-19:26
“Real incomes have gone up every month since President Trump took office.”
Conversation with Scott Bessent, US Secretary of the Treasury | Uploaded January 20, 2026 | 20:13-20:18
“Institutional investors hoovered up single family homes post the financial crisis.”
Conversation with Scott Bessent, US Secretary of the Treasury | Uploaded January 20, 2026 | 21:49-21:57
“Institutional investors can deduct the borrowing amount, but they can also expense any repairs and depreciation.”
Conversation with Scott Bessent, US Secretary of the Treasury | Uploaded January 20, 2026 | 22:08-22:17
“Institutional investors are much higher in boomtown markets like Charlotte, like Atlanta, like Huntsville, Alabama.”
Conversation with Scott Bessent, US Secretary of the Treasury | Uploaded January 20, 2026 | 22:53-23:02
“Bank stocks are at a new high through my position on fsoc, the Financial Stability Oversight Council.”
Conversation with Scott Bessent, US Secretary of the Treasury | Uploaded January 20, 2026 | 23:34-23:54
“Oliver Wyman's numbers estimate that there's 2.5 trillion of extra lending capacity.”
Conversation with Scott Bessent, US Secretary of the Treasury | Uploaded January 20, 2026 | 23:58-24:06
“Defense contractors are five, six, seven years behind on fulfillment of their contracts.”
Conversation with Scott Bessent, US Secretary of the Treasury | Uploaded January 20, 2026 | 26:51-26:57
“Several companies have tried to stand up critical minerals facilities in the US and the Chinese come lower price, undercut them and then…”
Conversation with Scott Bessent, US Secretary of the Treasury | Uploaded January 20, 2026 | 28:11-28:21
“We are going to put in a system, price floor, price ceilings.”
Conversation with Scott Bessent, US Secretary of the Treasury | Uploaded January 20, 2026 | 28:23-28:28
“We are working at warp speed to create a critical minerals block where we can mine, process and refine critical minerals.”
Conversation with Scott Bessent, US Secretary of the Treasury | Uploaded January 20, 2026 | 28:44-28:55
“For energy, we are independent. We're the an energy superpower.”
Conversation with Scott Bessent, US Secretary of the Treasury | Uploaded January 20, 2026 | 29:19-29:25
“In South Carolina, for the first time in 25 years, there's a producer there who made rare earth magnets.”
Conversation with Scott Bessent, US Secretary of the Treasury | Uploaded January 20, 2026 | 29:34-29:43
“They believe that within two years, they can fulfill most of the rare earth magic magnet needs for the US.”
Conversation with Scott Bessent, US Secretary of the Treasury | Uploaded January 20, 2026 | 29:48-29:56
“President Trump ordered Treasury and our OFAC division, Office of Foreign Asset Control, to put maximum pressure on Iran.”
Conversation with Scott Bessent, US Secretary of the Treasury | Uploaded January 20, 2026 | 30:37-30:47
“In December, [Iran's] economy collapsed. We saw a major bank go under. The central bank has started to print money.”
Conversation with Scott Bessent, US Secretary of the Treasury | Uploaded January 20, 2026 | 30:47-30:55
“Historically, every productivity boom has led to job growth.”
Conversation with Scott Bessent, US Secretary of the Treasury | Uploaded January 20, 2026 | 33:04-33:12
“The US is the innovation capital of the world.”
Conversation with Scott Bessent, US Secretary of the Treasury | Uploaded January 20, 2026 | 35:51-35:55
“The EU was supposed to cut down on red tape, but it is logarithmically increased it.”
Conversation with Scott Bessent, US Secretary of the Treasury | Uploaded January 20, 2026 | 36:07-36:15
“It is easier doing business in China than the EU.”
Conversation with Scott Bessent, US Secretary of the Treasury | Uploaded January 20, 2026 | 36:17-36:20
“It took me 90 days to get an appointment with Ursa van der Waden.”
Conversation with Scott Bessent, US Secretary of the Treasury | Uploaded January 20, 2026 | 36:32-36:36