Former St. Louis Federal Reserve Bank President James Bullard, one of the contenders for the next Fed Chair position, advocates for a one percentage point rate cut this year and suggests there is space for further action in 2026.
"Current interest rates are slightly elevated, and I believe they could be reduced by approximately 100 basis points by 2026 — I think this would start with rate cuts at the September meeting, with likely further adjustments later this year," Bullard stated on Thursday during a television interview.
Bullard, who currently serves as Dean of the Business School at Purdue University, revealed that he has communicated with Treasury Secretary Scott Bessent regarding his candidacy for Fed Chair, with the goal of arranging an interview "most likely" after Labor Day on September 1st.
Regarding the possibility of additional rate cuts next year, Bullard indicated that such decisions would depend on economic data performance. He also emphasized the necessity of maintaining the dollar's reserve currency status.
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