Federal Reserve Chair nominee Summers: Supports a 50 basis point rate cut by the Fed next month

ChainCatcher news, according to Bloomberg, economist Marc Sumerlin, who is seen as a potential candidate for the Federal Reserve chair, stated that policymakers should significantly cut interest rates next month, but warned that they would have to stop the cuts if long-term U.S. Treasury yields rise. Sumerlin is an economist at the management consulting firm Evenflow Macro.

Marc Sumerlin stated that a 4.3% federal funds rate is too high, and there is room for a 50 basis point cut. The inverted yield curve supports a 50 basis point cut.