US Treasury Secretary Scott Bessent said he isn’t calling for a series of interest-rate cuts from the Federal Reserve, just pointing out that models suggest a “neutral” rate would be about 1.5 percentage points lower.

President Trump and Treasury Secretary Scott Bessent have been pushing for aggressive Federal Reserve interest-rate cuts. But one Wall Street strategist warned that even if the Fed delivers, it might not do much to stimulate the economy.

Futures markets are also expecting a rate cut. Investors peg the chances of a quarter-point interest rate cut at nearly 96%, according to the CME FedWatch Tool, a measure of market sentiment.