Bessent spoke to the Institute of International Finance as both the International Monetary Fund and World Bank held their spring meetings in Washington. On Monday, the IMF downgraded its forecast of U.S. economic growth to 1.8% this year, a reduction from the 2.7% it estimated as recently as January.

Treasury Secretary Scott Bessent has assailed the International Monetary Fund and the World Bank even as he tries to reassure nervous investors the United States will maintain its global leadership role.

Treasury Secretary Scott Bessent said Wednesday that the International Monetary Fund and the World Bank are "falling short" of their original missions and guilty of "mission creep" as he asked them to refocus efforts on helping the US restore balance to the international economic system.