US Treasury Secretary Bessent urges more Fed rate cuts, according to CNBC citing a draft speech

• Treasury Secretary Scott Bessent pressed the administration’s desire for lower interest rates, saying they are the key to future economic growth.
• “Cutting interest rates will have a tangible impact on the lives of every Minnesotan,” he said, according to excerpts from a speech he will deliver later Thursday obtained by CNBC.
• "In 2025, the President laid the foundation for robust economic growth with: the historic passage of the One Big Beautiful Bill, trade deals that rewrote decades of global misalignment; and an ambitious deregulation agenda that empowered American entrepreneurs and businesses," Bessent said. "Now, in 2026, we will reap the rewards of President Trump's America First agenda."

Bessent's call for further Fed rate cuts underscores a dovish stance from the Treasury, suggesting the administration's focus on stimulating growth amidst economic challenges. This plea may influence market expectations for future monetary policy, particularly if rates are perceived to be pivotal for driving economic recovery and supporting consumer sentiment. Keep an eye on how this could shift market dynamics, especially in terms of USD and fixed income assets.