deVere Group CEO: The Fed must take bold action to respond to the coming economic storm

Nigel Green, CEO of deVere Group, one of the world's largest independent financial advisors and asset management companies, warned that the Federal Reserve must take bold action and make an ultra-large 50 basis point interest rate cut in September to cope with the coming economic storm. Nigel Green said, "Interest rates are currently at a high level in more than 20 years, and there is no room for hesitation. A 25 basis point interest rate cut may mark a change in direction, but it is not the radical action needed to avoid a potentially catastrophic hard landing. The reason for a bold 50 basis point interest rate cut in September is clear. Such a move will strongly demonstrate the Fed's determination to seriously guide the US economy away from the brink of recession. Then cut interest rates by another 25 basis points in November and December, so that the Fed can not only address immediate concerns, but also lay the foundation for sustainable economic growth." (Jinshi)