On Wednesday, Treasury Secretary Scott Bessent said short-term interest rates to be 1.5 to 1.75 pp lower in an interview on Bloomberg Television: Bessent: The reason that the Jay Powell gets a nickname "too late" is because he wants to go into a series of rate hikes. He's not willing—he's not Alan Greenspan who is very forward thinking. They try to be more data-driven, which I think is a mistake because I think we are going back into an economy like we had in the '90s. So it's just very old fashioned thinking. But I do think we could go into a series of rate cuts here, starting with a 50 basis point rate cut in September. Q: A 50 basis rate cut in September. Does that signal that the economy though is not doing well? Bessent: That signals that there's an adjustment and the rates are too constrictive. If you look at any model that, if—we should probably be a hundred fifty, a hundred seventy five basis points lower. So I think the committee needs to step back.