Fed Rate Cuts Needed to Prevent Broader U.S. Recession, Bessent Warns
TL;DR Summary
Treasury Secretary Scott Bessent warns that parts of the U.S. economy are already in recession and others could follow without further rate cuts, despite recent strong growth estimates; he criticizes Fed policies for causing distributional issues and highlights the potential need for lower rates to support housing and lower-income consumers, though the ongoing government shutdown hampers economic data collection.
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