U.S. Treasury Secretary Scott Bessent on Thursday applauded the Federal Reserve’s decision to cut interest rates by 0.25 percentage points, but said comments questioning another cut this year show the central bank needs a major overhaul.
Bessent said on Fox Business Channel’s “Mornings with Maria” that he will hold a second round of interviews with candidates to replace Fed Chair Jerome Powell in early December, allowing President Donald Trump to choose a replacement by Christmas.
“This Fed is stuck in the past. Its inflation estimates this year have been terrible,” he said. “Your models are broken.”
Source: Terra
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