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Trump's US Treasury pick Bessent says extending tax cuts a top priority

BY Reuters | ECONOMIC | 11:26 AM EST

(Reuters) - Scott Bessent, U.S. President-elect Donald Trump's choice to head the Treasury Department, on Thursday said that extending Trump's 2017 tax cuts that are set to expire at the end of this year is "the single most important economic issue of the day."?

"If we do not renew and extend, then we will be facing an economic calamity," Bessent told the U.S. Senate Finance Committee. "We will see a gigantic middle class tax increase."

(Reporting by David Lawder, Bo Erickson, Andrea Shalal, Ann Saphir)

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In general the bond market is volatile, and fixed income securities carry interest rate risk. (As interest rates rise, bond prices usually fall, and vice versa. This effect is usually more pronounced for longer-term securities.) Fixed income securities also carry inflation risk and credit and default risks for both issuers and counterparties. Unlike individual bonds, most bond funds do not have a maturity date, so avoiding losses caused by price volatility by holding them until maturity is not possible.

Lower-quality debt securities generally offer higher yields, but also involve greater risk of default or price changes due to potential changes in the credit quality of the issuer. Any fixed income security sold or redeemed prior to maturity may be subject to loss.

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