US Treasury's Bessent says Fed's language shows they are 'stuck in the past'
Update: 2025-10-30
Description
Treasury Secretary Scott Bessent criticizes the Federal Reserve's outdated methods and forecasting issues, particularly regarding inflation. He supports the recent rate cut but expresses frustration over the Fed's reluctance to cut rates again. Bessent announces a second round of interviews for a new Fed chair, aiming to replace Jerome Powell with someone who can overhaul the central bank's processes. President Trump remains critical of Powell, and potential replacements include Kevin Hassett, Kevin Warsh, Christopher Waller, Michelle Bowman, and Rick Rieder.
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