As a result, consumer confidence has plummeted, casting a big shadow over what could happen to the U.S. economy next. ⏰Get expert insights and actionable trade alerts from veteran investing experts and hedge fund managers.

Treasury Secretary Scott Bessent warned the U.S. economy could enter a "detox period" as the administration shifts from robust government spending.

Treasury Secretary Scott Bessent said the U.S. economy may be “starting to roll a bit,” as data suggests last year’s red-hot economy may be slowing. Bessent said the Trump administration’s moves to transition the economy to one which emphasizes private spending over public spending may require a “detox” period.