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Federal Reserve Chair Candidate Brad Calls for 100 Basis Point Rate Cut, Plans to Meet With U.S. Treasury Secretary After Labor Day

2 hours ago

August 21st - The former president of the St. Louis Fed and the front-runner for the next Federal Reserve Chair, Brad, advocated for a 100-basis-point rate cut this year and additional cuts in 2026. Brad stated in an interview on Thursday: "Current interest rates are a bit on the high side. I believe we can reduce them by approximately 100 basis points by 2026. I think this will commence with a cut at the September meeting and may be followed by further actions later this year." Brad mentioned that he has been in communication with Treasury Secretary Benson regarding his candidacy for the Federal Reserve Chair and plans to "possibly" arrange a meeting after Labor Day on September 1st. Regarding further rate cuts next year, Brad stated that it will depend on the data performance. He also highlighted the significance of maintaining the status of the US dollar as a reserve currency. (FXStreet)

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