📢Statements from US Treasury Secretary Bessent on the Fed
• A broad list of 10-11 candidates is being prepared for Fed chair.
• Names are being considered to replace committee members, who will come from the private sector.
• If the data had been accurate, the Fed could have started cutting interest rates earlier.
• The likelihood of a 50-basis-point interest rate cut is high.
• Currently, it is believed that interest rates should be 150-175 basis points lower.
• Interest rate cuts could begin in September with a 50-basis-point reduction.