Treasury Secretary Scott Bessent is urging the Federal Reserve to slash interest rates by half a percentage point at its September policy meeting of the Federal Open Market Committee (FOMC), and follow up with a series of reductions to bring borrowing costs down by at least 150 basis points.
Bessent told Fox News on Aug. 12 that “fantastic” consumer price data and sharply weaker labor market figures support an aggressive move by Fed officials to cut rates.
While speaking on Bloomberg Television on the same day, he said there is “a very good chance” of a 50 basis-point cut next month, followed by additional easing….