US treasury secretary Scott Bessent calls for half-point interest rate cut at next Fed meeting – business live

Bessent calls for big rate cut in September after steady US inflation, sending global stocks rallyingGood morning, and welcome to our rolling coverage of business, the financial markets and the world economy.Global stocks rallied and US markets hit new all-time peaks after US inflation defied expectations of an uptick and stayed steady last month. The figure eased concerns that Donald Trump’s tariff hikes would push up imported goods inflation.The real thing now to think about is should we get a 50 basis-point rate cut in September.Yesterday, US inflation data was mixed, but the market reaction was not. Normally, core inflation is the measure the Federal Reserve (Fed) focuses on when deciding monetary policy. In that context, the market could have reacted by scaling back expectations of a September rate cut.But no — investors instead increased September cut expectations, thinking that imported goods inflation remained lower than feared as companies continued to absorb tariff costs. As a result, the US 2-year yield fell after the data release, the probability of a September cut jumped to 94% from 80% beforehand, and the US dollar slipped back. Continue reading...

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