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David Malpass: Fed delays cost U.S. at least $35 billion in FY25
David Malpass, an economist and former president of the World Bank, criticized the Federal Reserve for delaying a sequence of interest rate cuts. He argued that if the Fed had begun a three-cut cycle in June instead of waiting until September, the US Treasury could have saved at least $35 billion in interest payments for the fiscal year 2025.
Malpass emphasized that much of the interest cost ends up benefiting foreign investors. He humorously noted that the sum saved could fund multiple renovations of the Federal Reserve's facilities. His comments come as financial markets closely watch the Fed's monetary policy decisions and their implications for government financing costs.
Malpass's latest critique of the Federal Reserve’s policy inertia aligns with broader discussions over central bank independence and its susceptibility to political influence. His previous observations on how presidential shifts could enable leaders to reshape the Fed remain especially relevant as debates about monetary strategy and government oversight intensify.
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