Daily SumUp

Treasury Secretary Scott Bessent is criticizing the International Monetary Fund and the World Bank in a speech on Wednesday morning, saying the IMF devotes disproportionate time to work on social issues and should be more aggressive to China.

Bessent denounced the IMF for devoting "disproportionate time and resources to work on climate change, gender, and social issues."

"Mission creep has knocked these institutions off course," he said. He also said it should be more aggressive to confront China for its "globally distortive policies."

When it comes to the World Bank, Bessent will say, there should not be any "blank checks for vapid, buzzword-centric marketing accompanied by half-hearted commitments to reform.”

His remarks come just after U.S. markets opened with big gains the morning after President Donald Trump said he would not attempt to fire the head of the Federal Reserve. Bessent also said he expects a “de-escalation” from unsustainable tariffs against China in the trade war between the world’s two largest economies.