Story perspectives
US Treasury Secretary Proposes Major Rate Cuts Amid Trump Pressure
8/14/2025
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Story summary
- US Treasury Secretary Scott Bessent proposed a 1.5 percentage point interest rate cut, recommending a 50 basis-point reduction in September.
- He urged immediate rate cuts based on recent revisions in labor market data.
- President Trump intensified pressure on Fed Chairman Jerome Powell, criticizing his decisions and hinting at legal action.
- Bessent mentioned potential successors for Powell, whose term concludes in May 2026.
