US Treasury Secretary Bessent says we’re still seeing deals get done; Meta (META) is financing with equity, speaking to CNBC; consumer behaviour is quite strong and business behaviour is quite strong

• A lot of US President Trump’s economic agenda is baked in, like tax cuts.
• In general the trade deals are pretty locked in.

Remarks of this kind from a Treasury Secretary are advocacy for the administration's economic programme rather than policy signals in the strict sense, and episodes of this kind have historically moved prices only at the margin unless they commit to a concrete action on issuance, tariffs, or sanctions. The substantive content here is the assertion that trade arrangements are settled and the fiscal agenda largely in place; where such assurances have mattered in the past is when they were later contradicted by the calendar, since tariff and legislative timelines have repeatedly proven less locked in than official commentary suggested. The aside on Meta financing with equity rather than debt is a casual observation, but it touches a live theme: large technology firms funding heavy capital expenditure, and the distinction between equity-funded and debt-funded buildouts has bearing on credit spreads and rates-market supply rather than on the equity itself. The consumer and business strength framing is standard Treasury messaging and carries no new data. The follow-ons worth noting are the actual trade and fiscal documents as they land, any shift in Treasury issuance guidance at refunding, and whether the financing mix across the large AI spenders migrates from cash flow and equity toward the bond market. As commentary rather than decision, the signal is soft.