Treasury Secretary Bessent says more Fed rate cuts are 'only ingredient missing' for stronger economy
CNBC••business
Key Points:
- Treasury Secretary Scott Bessent emphasized the administration's push for lower interest rates, stating they are crucial for future economic growth and supporting President Trump's economic agenda.
- Bessent urged the Federal Reserve to continue cutting rates, citing three consecutive cuts in late 2025 that lowered the key interest rate to 3.5%-3.75%, but noted the pace of cuts is expected to slow this year.
- The Fed is set to get a new chair in 2026, with Bessent overseeing the selection process; he has narrowed candidates to five, including National Economic Council leader Scott Bessent and former Fed Governor Kevin Warsh.
- While acknowledging the inflation risks of lower rates, Bessent highlighted their potential
