US Equity Strategy Quick Take

研报英文原文证据摘录

US Equity Strategy Quick Take

RBC Capital Markets, LLC

Lori Calvasina (Head of U.S.

Equity Strategy Research)

(212) 618-7634,

lori.calvasina@rbccm.com

June 24, 2026

US Equity Strategy Quick TakeRESEARCH Tuesday Tidbits - Thoughts on Treasury Secretary Bessent's ECNY

Speech

In a Nutshell: On Tuesday evening, June 23rd, we attended a large, on-the-record event at the Economic

Club of New York (ECNY) featuring a presentation by current US Treasury Secretary Scott Bessent, which

included both prepared remarks and a Q&A session. Here, we recap the comments that we found to be

most interesting and relevant from a US equity market perspective. The big things you need to know:

First, the speech outlines the Administration’s five core principles of economic statecraft, which revisited

the theme of the interconnectedness of economic and national security that has been a hallmark of

Trump’s second term but an important difference in the policy backdrop for stocks relative to past

decades. Second, while the speech did not impact our constructive outlook for US equities over the nextSTRATEGY 12 months, there were some interesting nuances on hot topics including Iran, the economy, inflation,

interest rates, AI, and housing, that we found relevant.

Highlights From Secretary Bessent’s Prepared Remarks

We’ve pulled these comments together based on our notes from the presentation, the “as prepared for

delivery” transcript of the opening remarks as posted on the US Treasury website (the source of all direct

quotes unless otherwise noted), and a video replay of the event.

The first part of Tuesday evening’s presentation consisted of prepared remarks from Secretary Bessent.

Similar to what we heard when he presented to this organization in early March 2025, the speech