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Treasury's Bessent says he backs Trump's call for cap on credit card interest rates

BY Reuters | ECONOMIC | 10:50 AM EST

WASHINGTON, Feb 5 (Reuters) - U.S. Treasury Secretary Scott Bessent on Thursday said ?he supports President ?Donald Trump's call for capping ?credit card ?interest ?rates at 10% for one ?year.

"I wholeheartedly ?support President Trump's policy," Bessent told ?the ?Senate ?Banking Committee, when asked about the call.

Trump ?last month called for the cap starting on January 20 but ?he ?did not provide details on ?how his plan will come to fruition or how he planned to make ?companies comply.

(Reporting by David Lawder and Andrea Shalal; ?Editing by Chizu Nomiyama )

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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.

Before investing, consider the funds' investment objectives, risks, charges, and expenses. Contact Fidelity for a prospectus or, if available, a summary prospectus containing this information. Read it carefully.

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