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US Treasury Secretary says Fed should cut rate interest by half
(MENAFN) U.S. Treasury Secretary Scott Bessent on Tuesday called for the Federal Reserve to lower interest rates by 50 basis points at its September meeting, saying the central bank should have acted as early as June.
Speaking to a news agency, Bessent expressed hope that White House Council of Economic Advisers Chair Stephen Miran would be confirmed to the Fed’s Board of Governors before next month’s meeting, according to multiple U.S. media reports.
Market expectations for a smaller, 25-basis-point cut in September climbed to 93.4% on Tuesday, up from 85.9% a day earlier, data from the CME FedWatch Tool showed.
On the search for the next Fed chair, Bessent said President Donald Trump has an “open mind” on candidates but wants a leader capable of overhauling the institution. Trump has frequently criticized current Fed Chair Jerome Powell over monetary policy, though Powell has insisted he will serve his full term, which ends in May 2026.
Speaking to a news agency, Bessent expressed hope that White House Council of Economic Advisers Chair Stephen Miran would be confirmed to the Fed’s Board of Governors before next month’s meeting, according to multiple U.S. media reports.
Market expectations for a smaller, 25-basis-point cut in September climbed to 93.4% on Tuesday, up from 85.9% a day earlier, data from the CME FedWatch Tool showed.
On the search for the next Fed chair, Bessent said President Donald Trump has an “open mind” on candidates but wants a leader capable of overhauling the institution. Trump has frequently criticized current Fed Chair Jerome Powell over monetary policy, though Powell has insisted he will serve his full term, which ends in May 2026.
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