US Treasury Secretary Scott Bessant said that the Federal Reserve System should reduce the key interest rate by at least 150-175 basis points from the current level. He suggested starting the cycle in September with a step of 50 bp. According to him, if the regulator had had the revised labor market data published on August 1, it would probably have started cutting rates in June or July. These data showed that employment growth in May and June was reduced by 258,000 jobs. Currently, the Fed's rate is in the range of 4.25-4.5%. Bessent noted that current forecasts indicate the need for a more lenient policy, although Chairman Jerome Powell and other Fed officials had previously stated their intention to wait for more obvious signs of the impact of tariffs on inflation. The minister also said that 10-11 candidates for the post of Fed chairman are being considered after Powell's term ends in May, including both current officials and representatives of the private sector. According to his forecast, Stephen Miran, appointed by Trump to the Fed board, will not remain in office after his term ends in January.
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