Treasury Secretary Scott Bessent said the Federal Reserve should consider a larger 50 basis-point rate cut at its September meeting, arguing that revised employment data indicate the central bank could have begun easing policy sooner.
In an interview with Fox Business, Bessent pointed to downward revisions to May and June employment figures that only became clear after the Fed’s July meeting. Those weaker payroll numbers, he argued, reduce the urgency for restrictive policy and strengthen the case for a more substantial move in September.
Bessent also addressed pending nominations and leadership at the Fed. He expressed hope that President Trump’s nominee to the Fed board, Stephen Miran, will be confirmed in time to participate in the September meeting. At the same time, Bessent said the search for a successor to Jerome Powell remains open, signaling that multiple candidates are still under consideration.
Overall, Bessent’s comments reflect a view that incoming economic revisions and evolving labor-market data could justify a faster pace of interest-rate relief than previously signaled by officials. By advocating for a 50 basis-point cut, he suggests the Fed should respond to the updated data set and adjust its policy timeline accordingly.
The discussion underscores how revised economic statistics can affect monetary-policy decisions and highlights the role of Fed leadership and board composition in shaping policy choices in the months ahead.