U.S. Treasury's Bessent Predicts Potential Rate Cuts by Fed

In a recent Bloomberg interview, U.S. Treasury Secretary Bessent hinted at a possible 50 basis point rate cut by the Federal Reserve, signaling a series of adjustments to come.

Bessent further elaborated on the potential for multiple rate cuts, emphasizing their role in signaling necessary economic adjustments. The discussion also touched on committee vacancies, with Bessent noting efforts to recruit candidates from the private sector.

No timeline was provided for the interviews, but Bessent expressed the intent to consider a diverse pool of 10-11 candidates for committee positions, ensuring a wide net is cast in the selection process.

(With inputs from agencies.)