In an interview with Global Finance, former St. Louis Fed Chairman Brad stated: "The FOMC's last meeting and Powell's press conference were very clear that unless something dramatic happens, Fed officials are ready to act at the September meeting. I think they have expressed their intentions as central banks as clearly as possible. I think they will start cutting interest rates by 25 basis points in September. The question then is how quickly they want to reach a new monetary policy stance. Even if they slightly lower the policy rate, the rate will remain at a restrictive level. They need to continue to lower rates from that point. I think it may be a 25 basis point rate cut at each meeting, for several consecutive meetings, until the policy rate is lowered to a lower level, at which point they can decide whether inflation continues to move towards the 2% target and whether to continue normalizing policy rates. It is expected that there will be a 75 basis point interest rate cut from now until December."