U.S. Treasury Secretary Scott Bessent, in an interview with Fox News, stated that he hopes the Federal Reserve will remain "open-minded" about interest rate hikes and consider drawing on the experience of Alan Greenspan's tenure as Fed Chair in the 1990s. Bessent noted that Greenspan resisted calls from some colleagues for rate hikes in 1996-1997, but also raised rates by 175 basis points within 12 months in 1999-2000, reversing the 75 basis points of cuts that followed the Long-Term Capital Management (LTCM) crisis in 1998.