Treasury Secretary: Prices have leveled off and will start coming down

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Prices are not that high and are already coming down, Trump administration officials argued Sunday, amid mounting outrage at the affordability of everyday goods.

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The administration is trying to climb out of the same hole that trapped former President Biden and his team: You can't convince people the economy's strong if they're paying more for almost everything they buy.

Voters delivered resounding defeats to GOP candidates for governor in New Jersey and Virginia this week, with exit polls showing voters focused on the economy preferred Democrats.

That's not how it usually works; voters typically trust Republicans over Democrats on economic issues.

"I don't want to hear about the affordability," President Trump said Thursday at the White House, when asked about the elections and consumers' concerns about paying for groceries.

"We had to stop the increase first, now we are starting to see prices level off, come down," Treasury Secretary Scott Bessent said on ABC's "This Week," specifically citing lower gas prices, interest rates and mortgage rates.

He also argued that any price pressure was an ongoing consequence of Biden-era inflation, which the administration is now addressing.

"I think we are making substantial progress on that, and I think over the coming months and the next year, prices are going to come down."

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