Financial strategist Jason Trennert joined Steve Bannon on War Room to break his media silence and endorse key parts of President Trump’s economic agenda, despite stepping away from a top Treasury role due to health issues. Trennert applauded Trump’s growth-driven economic reforms, blasted the Federal Reserve as bloated and ineffective, and warned of potential risks in expanding private equity access through 401(k)s. He described Trump’s policies as necessary to reverse economic decline and restore fiscal sanity amid market volatility, long-term debt fears, and collapsing trust in U.S. institutions.

Quick Clip: 

JASON TRENNERT: The OBBB might be larger than ideal, but it’s packed with pro-growth policies.

Full expensing for R&D, factory building, and capital investment will drive real productivity.

America won’t tax or cut its way out of debt; it has to grow.@JasonTrennert_ pic.twitter.com/LT5RdHUpxZ

— Bannon’s WarRoom (@Bannons_WarRoom) July 17, 2025

Full Report:

Appearing for the first time in months, Jason Trennert—Wall Street veteran and founder of Strategas Research—spoke with Steve Bannon on War Room, confirming he’d recently withdrawn from serving in President Trump’s administration as Assistant Secretary of the Treasury due to health concerns. "I’m heartbroken not to be in the administration,” he admitted, but added optimistically, "We’re making a lot of progress—I’ll be back in the saddle before too long.”

Despite his absence from government, Trennert offered strong backing for Trump’s legislative agenda, specifically the recently passed "Big Beautiful Bill.” While acknowledging that it may be larger than he’d prefer, Trennert emphasized that it includes critical supply-side measures: "The full expensing of research and development and capital investment will boost productivity… it’s the only way the U.S. grows out of its debt.”

He dismissed the notion that resolving America’s fiscal crisis could be achieved solely through spending cuts or tax hikes. Echoing Margaret Thatcher, he said, "Sooner or later, you run out of other people’s money. We’re at that precipice.” He noted a rising appetite among U.S. manufacturers and real estate investors to reinvest in productive capacity thanks to Trump’s incentives.

Bannon pressed Trennert on the political firestorm surrounding Federal Reserve Chair Jerome Powell, after President Trump reiterated he wouldn’t replace him, for now. Trennert’s analysis was blunt: "It’s not just Powell—it’s the institution. The Fed is the swamp.” He aimed at the Federal Reserve’s 800 Ph.D. economists, quipping, "Nothing good happens after midnight, and nothing good happens when you have 800 Ph.D. economists trying to micromanage the economy.”

Trennert argued that the Fed’s recent record, especially during the last four to five years, has failed the American people. From inflation to interest rates to market confusion, he said, "It hasn’t been particularly great.” He tied growing market anxiety—visible in rising long-term bond yields and the declining dollar—to a broader crisis of faith in U.S. fiscal governance: "People are hedging against fiat currency chaos. The strength of gold is just one signal.”

Bannon then pivoted to Trump’s latest executive order, which expands the range of 401(k) investment options to include more alternatives, such as private equity. Trennert, known for cautious analysis of retirement markets, welcomed the broader access but warned against hidden dangers: "Private equity can be high-fee and low-liquidity. The risks depend on the investor’s age, and whether asset managers stick retail clients with underperforming investments.”

He raised a red flag on Wall Street behavior: "Far be it from a private equity firm to dump a few ‘cats and dogs’ into retail-accessible funds… but stranger things have happened.” Trennert emphasized the importance of education and transparency, especially when dealing with average retirement savers.

Throughout the conversation, Trennert reaffirmed that Trump’s economic team is trying to "grow our way out” of long-term debt, rather than relying on austerity or monetary gimmicks. He praised Scott Bessent’s leadership and said the window to implement these reforms is closing. "This is the last supply-side shot we’ve got,” he warned.

Takeaways:

Trump’s economic reforms are fueling a renewed sense of business confidence.

The Federal Reserve is facing unprecedented public criticism for its size and inefficacy.

Alternative 401(k) options could empower or endanger retirement savers, depending on implementation.

Fiscal survival hinges not on cuts or taxes, but on growth.

For more, watch this full Thursday WarRoom segment:

"America Won’t Tax Or Cut Its Way Out Of Debt; It Has To Grow,” Trennert On OBBB Pro-Growth Policy