Bessent: The Federal Reserve Is Still Living in the Past, Predictive Models Have Failed

Jinse Finance reported that U.S. Treasury Secretary Bessent expressed appreciation for the Federal Reserve's decision to cut interest rates by 25 basis points, but also pointed out that the Fed's skeptical remarks about whether to cut rates again this year indicate that the institution is in urgent need of major reform. Bessent stated that he will conduct a second round of interviews with candidates for Federal Reserve Chair in early December to replace Powell, so that Trump can make an appointment before Christmas. Bessent said: "The current Federal Reserve is stuck in the past. Their inflation forecasts this year have been very poor, and their models have failed." (Golden Ten Data)