US Treasury Secretary surprised by Powell's lack of rate guidance

U.S. Treasury Secretary Scott Bessent said he was surprised that Federal Reserve Chair Jerome Powell did not offer clear guidance on the future direction of interest rates. Bessent stated he could not understand why Powell had taken a step back, adding his view that the U.S. is entering an easing cycle and that the Fed has kept interest rates excessively high for too long. Bessent added that Powell should have signaled a total of 100 to 150 basis points in cuts.