US Treasury's Bessent says Fed's language shows they are 'stuck in the past'

WASHINGTON, Oct 30 (Reuters) - U.S. Treasury Secretary Scott Bessent on Thursday applauded the Federal Reserve's decision to cut interest rates by a quarter percentage point, but said comments casting doubt on another rate cut this year showed the institution needed a major revamp.

Bessent told Fox Business Channel's "Mornings with Maria" that he would carry out a second round of interviews of candidates to replace Fed Chair Jerome Powell in early December, allowing President Donald Trump to choose a replacement by Christmas.

"This Fed is stuck in the past. Their inflation estimates have been terrible so far this year," he said. "Their models are broken."