Treasury Secretary Scott Bessent said some sectors were in a recession as he argued for more interest rate cuts.

In a wide-ranging interview, Stephen I. Miran discussed why he thinks concerns about inflation are overblown and his worries about the economy if the Federal Reserve does not rapidly lower interest rates. Here is a full transcript.

Frank Bisignano, who holds top jobs at the Social Security Administration and the I.R.S., sold his stake in Fiserv before the company’s stock cratered this week.