Core Viewpoint - The U.S. Treasury Secretary, Bessent, acknowledges the Federal Reserve's recent 25 basis point interest rate cut but criticizes its "stagnant thinking" and calls for a complete reform of the Fed's mechanisms [1] Group 1: Federal Reserve's Monetary Policy - Bessent points out that the Federal Reserve has consistently made errors in its inflation and GDP forecasts this year, claiming its analytical models are "essentially obsolete" [1] - He questions the logic behind the Fed's signal that there may not be further rate cuts in December following the recent decision [1] - Powell, the current Fed Chair, indicated that internal policy disagreements and a lack of key economic data due to government shutdowns make further rate cuts unlikely this year [1] Group 2: Leadership Changes at the Federal Reserve - Bessent reveals that the second round of interviews for the next Fed Chair will begin in early December, aiming for a new appointment before Christmas [1] - The current Fed Chair, Powell, has a term ending in May 2026, and the selection process aims to find a leader capable of driving systemic change [1] - Five candidates are currently in the running for the Fed Chair position, including Kevin Hassett, Kevin Walsh, Christopher Waller, Michelle Bowman, and Rick Reed [2] Group 3: Implications for Financial Markets - Analysts suggest that a swift change in the Fed Chair could have significant implications for the monetary policy trajectory and global financial market expectations through 2026 [2]