德银：贝森特的降息观点与美联储模型相悖

Core Viewpoint - Deutsche Bank's interest rate strategists argue that U.S. Treasury Secretary Yellen's assertion regarding the Federal Reserve's interest rates being over one percentage point higher than appropriate levels is incorrect [1] Group 1 - Treasury Secretary Yellen previously stated that "any model" suggests interest rates should be 150 to 175 basis points lower, but efforts to find supporting models have been unsuccessful [1] - The Deutsche Bank team, led by former Federal Reserve economist Matthew Raskin, claims that the rules used by the Federal Reserve in its semi-annual monetary policy report do not clearly indicate a need for rate cuts, let alone cuts of 150 to 175 basis points [1] - The current federal funds rate is within a relatively narrow range of approximately 4% to 4.65%, suggesting that a 25 basis point cut may be reasonable [1]