00:01How long until we see your signature next to President Trump's face on a $250 bill?
00:10Well, again, as Treasury Secretary, I have two mandates for U.S. currency.
00:16At present, no living person can be on U.S. currency, and the currency must stay in God we trust.
00:23So right now, there is proposed legislation in front of the House, in front of the Senate, to change the
00:31first requirement so that a living person, Donald J. Trump, could be on a $250 bill.
00:37So it's all in the hands of the, it's all up on Capitol Hill.
00:43I guess first, well, we're starting to see this disruption of the oil supply through the straightforward moves affect economic
00:49data.
00:50You know, first, is there a deal on the table for a 60-day ceasefire to continue that?
00:56And then second, how fast could inflation then recede or retreat, or is inflation sticky?
01:02Because the PCE was at a three-year high.
01:05Well, first of all, PCE today, month over month, was 0.2, which was, we're looking at decimal points, but
01:13the estimate was 0.3.
01:14So one month doesn't, a trend make.
01:17And what we've seen is, actually, oil prices are down about 10% in May.
01:23There are almost 2,000 ships waiting to come out of the Gulf, and I think the oil market is
01:28going to be very well supplied on the other side of this,
01:31and that we could see prices come down very quickly.
01:34We saw the UAE leave OPEC.
01:36So I would expect, on the other side of this, that gasoline prices will follow.
01:42Is there an agreement on the table?
01:44Sorry?
01:45Is there an agreement with Iran on the table?
01:47The teams have been going back and forth, and President Trump has made it very clear, he talked about it
01:53at the Cabinet meeting,
01:54that he has several red lines, and Iran has to turn over their highly enriched uranium.
02:02They cannot pursue a nuclear weapon, and the Strait of Vermouth, back to your question on energy,
02:08has to, free transit, navigation of the seas, has to be free and open, as it was before.
02:14So he's not going to take a bad deal, he's going to make a great deal for the American people.
02:21So, Peter?
02:22Thank you, Dr. Besson.
02:24Yep.
02:25How long until we see your signature next to President Trump's face on a $250 bill?
02:35Well, again, as Treasury Secretary, I have two mandates for U.S. currency.
02:41At present, no living person can be on U.S. currency, and the currency must stay in God we trust.
02:48So, right now, there is proposed legislation in front of the House, in front of the Senate,
02:54to change the first requirement so that a living person, Donald J. Trump, could be on a $250 bill.
03:01So, it's all in the hands of the, it's all up on Capitol Hill.
03:08So, at Treasury, we prepare things in advance, so we have prepared in advance that if the legislation is passed,
03:17but we will stick to the law.
03:19Dr. Besson, I'll see you next time.
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