September Rate Cut?

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U.S. Treasury Secretary Basant stated that the neutral interest rate is about 150 basis points lower than the current level.

U.S. Treasury Secretary Basant indicated that he did not request the Federal Reserve to implement a series of rate cuts, but merely pointed out that models show the neutral interest rate will be about 1.5 percentage points lower than it is now.

Basant emphasized that he did not instruct the Federal Reserve on how to act. He mentioned that if one believes in the existence of a neutral interest rate, there is indeed room for rate cuts, but this is not his call, just a result of model calculations.