Translation. Region: Russian Federal
Source: People's Republic of China in Russian – People's Republic of China in Russian –
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Source: People's Republic of China – State Council News
NEW YORK, Aug. 12 (Xinhua) — U.S. Treasury Secretary Scott Bessent on Tuesday urged the Federal Reserve to consider a 50 basis point interest rate cut at its next meeting in September, adding that the central bank could cut rates in June.
S. Bessent also expressed hope that the chairman of the White House Council of Economic Advisers, Stephen Miran, will be confirmed by the Senate as a member of the Fed's board of directors before the meeting, several American media outlets reported, citing an interview with S. Bessent on the Fox Business channel.
The odds of a 25-basis-point Fed rate cut in September rose to 93.4 percent on Tuesday from 85.9 percent the day before, according to the CME FedWatch Tool.
Commenting on the race to become the next Fed chairman, Bessent said US President Donald Trump is “open” to considering candidates, adding that the next head of the central bank should be someone “able to reform this institution.”
In recent months, Trump has criticized Fed Chairman Jerome Powell for the Fed's monetary policy decisions and pressured the central bank to cut interest rates, although experts largely thought it unlikely Powell would relent.
Powell's term expires in May 2026, and he has repeatedly stated that he will not leave his post early.
The resignation of former Fed Chair Adriana Kugler in early August opened a vacancy on the Fed's board that Trump could fill.
The Fed's board of directors has seven members, and none of them plans to leave before Powell's term ends.
According to the Fed's website, board members are appointed by the president of the United States and confirmed by the Senate, while the chairman and vice chairmen of the board are appointed by the president from among the board members and also require confirmation by the Senate.
Brookings Institution senior fellow Darrell West told Xinhua: “/Jerome/ Powell will not cut rates until economic growth and employment data show it is necessary…/Donald/ Trump does not have much leverage other than to announce Powell’s successor well before his term ends to encourage Fed members to follow that person.” –0–
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