Bridgewater: Federal Reserve Still Living in the Past, Predictive Models Have Failed

On October 30th, U.S. Treasury Secretary Benson gave praise to the Federal Reserve's decision to reduce interest rates by 25 basis points. However, at the same time, he pointed out that the Fed's skeptical remarks regarding whether to cut rates again this year suggest that the institution urgently requires significant reform. Benson stated that he will conduct a second-round interview with the Federal Reserve Chair candidate in early December in order to replace Powell, enabling Trump to make the appointment before Christmas. Benson said, "The current Fed is stuck in the past. Their inflation forecasts for this year have been very poor, and their models have failed." (FXStreet)