TechFlow news, on August 13, according to Jinshi Data, U.S. Treasury Secretary Bessent said in an interview that the Federal Reserve's interest rates should be 150-175 basis points lower than current levels, and if the data were accurate, the Fed might have cut rates earlier. Bessent believes there is a possibility the Fed could cut rates by 50 basis points, with a series of rate cuts potentially starting with a 50-basis-point reduction in September. When discussing candidates for the Fed chair position, he mentioned they would cast a wide net covering 10 to 11 people. He also stated that while he previously proposed establishing a "shadow Fed chair," he now sees no need for it. Additionally, Bessent believes the Fed does not need to restart large-scale asset purchases (QE). Regarding employment reports, he expressed opposition to halting their release but emphasized the need for reliable data. Some analysts say the current likelihood of a 50-basis-point rate cut by the Fed in September is nearly zero. Achieving such a cut would likely require another weak non-farm payroll report in September.
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