Bloomberg Washington Correspondents Joe Mathieu and Kailey Leinz deliver insight and analysis on the latest headlines from the White House and Capitol Hill

Treasury Secretary Scott Bessent on Wednesday signaled that the White House wants Trump's tax cut package from 2017 to be extended permanently before their expiration this year, rather than a temporary extension.

While in the past Trump has implored the Fed to cut its benchmark rate, Bessent said the current strategy is using the levers of fiscal policy to keep rates low. The benchmark the administration is using will be the 10-year Treasury, not the federal funds rate that the central bank controls, he added.