Bessent Chides Powell for Not Championing Interest Rate Cuts

Treasury Secretary Scott Bessent expressed disappointment that Federal Reserve Chair Jerome Powell hasn’t clearly established an agenda for cutting interest rates.

“Rates are too restrictive, they need to come down,” Bessent told Maria Bartiromo in an interview on Fox Business Wednesday morning. “I’m a bit surprised that the chair hasn’t signaled that we have a destination before the end of the year of at least 100 to 150 basis points.”

Powell, in remarks at an event in Rhode Island on Tuesday, said the central bank had to contend with both a weakening labor market and the risk of higher inflation ...