here is scott bessent, key square capital founder and ceo and wall street we co-david westin.rt of the election cycle. david: scott, looking back. we talked about what donald trump retaking the presidency might mean. what about inflation? you have concerns inflation has not gone away yet. if he's president will he have to deal with inflation and how will he do that? scott: we will see what the federal reserve does. my sense is that jerome powell failed the marshmallow test. he ate the marshmallow at the november press conference. he wanted to declare victory on inflation too soon. if he had shown a little self-restraint financial conditions would not have eased and inflation and economic activity would not be re-accelerating as we have now. i think despite their predilection to want to cut, the fed will possibly have to stay higher for longer. it all depends on what the fed does. katie: i have heard people tell me over the past few weeks that the fed wants to cut but they can't yet. why do you think they want to cut? why is that the narrative? scott: jerome powell said it in f