Treasury Secretary Scott Bessent argued that financial stability was best achieved through faster economic growth, which he said was constrained by unnecessary regulations.
President Trump wants substantially lower borrowing costs, but officials at the central bank appear ready to resist delivering further cuts if the economic backdrop does not warrant it.
The central bank’s decision to lower interest rates for a third straight meeting was highly contentious, reflecting an internal divide that will likely limit how much borrowing costs will fall next year.
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