When you have a 'trustworthy' currency, rates go down 'naturally': Steve Forbes

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A ‘Kudlow’ panel analyzes GDP growth, the U.S. dollar, and the economic outlook ahead of the upcoming midterm elections. #fox #foxbusiness #media #breakingnews #us #usa #new #news #breaking #kudlow #larrykudlow #steveforbes

Forbes: A Trustworthy Dollar Lets Rates Fall on Their Own — Trump’s Tax Cuts Are Already Delivering

Steve Forbes put it plainly on Larry Kudlow’s Fox Business show this week. When the dollar is trusted to hold its value, interest rates drop without the Federal Reserve forcing them down. Right now the U.S. 10-year rate sits near 5%. Switzerland’s is 0.5%. Singapore’s is 2.5%. Forbes said the difference is simple: “When you have a trustworthy currency, interest rates naturally fall.”

The economy is already moving under President Trump’s policies. Treasury Secretary Scott Bessent has pointed to upward revisions that could put third-quarter growth near 3.5%. Trade deals, lighter regulation, and the Working Families tax cuts in the One Big Beautiful Bill are driving it. Trump himself noted the largest tax cuts in American history, plus no tax on tips, overtime, or Social Security for seniors. His most-favored-nation drug pricing push has taken U.S. drug costs from the highest in the world to among the lowest.

Treasury Secretary Scott Bessent highlights the Trump administration’s economic policies, pointing to tax cuts, trade reforms and deregulation as key drivers of growth.

Bessent says the private sector has added more than one million jobs, manufacturing is rebounding, and companies around the world are investing trillions in the United States.

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The remaining pinch comes from energy prices and a dollar that is not yet fully trusted. Import prices have been climbing—non-fuel goods up around 6% recently—and that feeds into everyday costs. Forbes told Kudlow the Fed cannot control oil prices, but it can protect the dollar’s integrity. “I do think that they should cut the printing presses and shrink the balance sheet and appreciate the dollar,” he said. Kudlow called the moment exactly that: a Forbes moment to raise the dollar’s value so import costs stop rising.

Forbes wants Treasury Secretary Scott Bessent and Fed Chair Kevin Warsh to lock arms with the White House. Presidents ultimately get the currency they ask for. A clear signal for a stable, strong dollar would end the habit of treating rate hikes as the only tool against inflation. Higher rates slow growth while a weak dollar keeps pushing up the price of goods coming from overseas. A trustworthy dollar does the opposite: it brings rates down on its own and gives the tax cuts and deregulation more room to work.

The U.S. economy is expanding thanks to @POTUS’ proactive trade policies, deregulation, and pro-growth provisions in the Working Families Tax Cuts.

Revised GDP data show stronger growth in Q1 and Q2 of 2026, driven in part by greater consumer spending and investment. Forecasters expect that momentum to build in Q3.

The Trump Administration is delivering on its promises by restoring durable growth, unleashing investment, and powering the reindustrialization of the American economy.

— Treasury Secretary Scott Bessent (@SecScottBessent) October 20, 2026

Kudlow has long argued that a steady King Dollar is the foundation for price stability and faster growth. The panel made the same point in plain terms. The growth pieces of Trump’s agenda are already in place. Pair them with a dollar people trust, and the high rates that still worry families and businesses start to come down the natural way Forbes described.

— The Whatfinger News Team: Ben and Beth, with Grok on edits