US Treasury Secretary Scott Bessent made noteworthy assessments of the FED in his statements to Fox Business. Bessent argued that the Fed should have cut interest rates in June, given accurate economic data. Bessent, who stated that the Trump administration is “open-minded” in selecting the Fed Chair, said they are looking for a vision for restructuring the institution in the new presidential candidate. He stated that the current Fed faces a “fundamental problem” and that a 50 basis point interest rate cut should be considered at the September meeting. Related News: Mysterious Whale Unleashes Bull Mode on Ethereum: Entering a Buying Frenzy - Here Are the Details Bessent also expressed hope that Miran, from the Council of Economic Advisers (CEA), would be appointed to the Fed Board of Governors before the September meeting. In the shadow of these announcements, US stock markets reached new records. Consumer Price Index (CPI) data, which came in line with expectations, reinforced expectations for a September interest rate cut. The S&P 500 index surpassed 6,400 points, while small-cap stocks saw sharp gains. While Treasury yields declined, strong gains in artificial intelligence stocks, positive earnings figures, and President Trump's renewed criticism of Fed Chair Powell bolstered market optimism. *This is not investment advice. Continue Reading: BREAKING: US Treasury Secretary Bessent Makes Hot Comments on Interest Rate Cuts During Live Broadcast
