I think we could go into a series of rate cuts here, starting with a 50 basis-point rate cut in September,” Bessent said in a television interview on Wednesday. Fed policymakers last month kept their benchmark at a target range of 4.

U.S. Treasury Secretary Scott Bessent clarified Thursday he is not calling for interest-rate cuts by the Federal Reserve, saying his remarks only pointed to models showing the neutral rate about 150 basis points lower.

Scott Bessent urges the Fed to consider a Fed rate cut in September, citing soft inflation and Trump’s push for faster economic growth.