Scott Bessent: US Treasury Secretary calls on Fed to cut interest rates drastically

"I think we could launch a series of interest rate cuts," Bessent said. He suggested it would begin as early as September with a major step of 0.5 percent. After the Fed decided at the end of July to leave the key interest rate range unchanged at 4.25 to 4.5 percent , analysts are now relatively certain of a cut at the next central bank meeting in mid-September – albeit likely by 25 basis points rather than 50.