Dear Quentin, I don’t want to sound ungrateful, but I have what you may regard as a controversial question: Am I the biggest loser with the Federal Reserve’s interest-rate cut, which I assumed will have happened by the time you read this or,

When the Federal Reserve gathers for its upcoming September meeting, it might do something it hasn’t done since December — implement an interest rate cut. At this point, economists and Wall Street alike are pretty convinced that a rate cut is coming.

The importance of longer-dated rates for the US economy and the cost of home ownership has been regularly highlighted by Treasury Secretary Scott Bessent. In recent months, the White House has pushed for a faster pace of easing that would arguably help reduce longer-dated yields.

Over the last couple of weeks we've been seeing President Donald Trump applying unprecedented political pressure to the Federal Reserve to cut interest rates. We're waiting to see if the board of governors will give in.