According to BlockBeats, on August 15, deVere Group CEO Nigel Green warned that the Federal Reserve must cut interest rates by 50 basis points in September to cope with the coming economic storm.

Nigel Green said that with interest rates currently at their highest level in more than 20 years, a 25 basis point rate cut could signal a change in direction, but would not be enough to avoid a potentially catastrophic hard landing. A bold 50 basis point rate cut in September would demonstrate the Fed's determination to steer the U.S. economy away from recession.

He suggested subsequent rate cuts of 25 basis points each in November and December to address immediate concerns and lay the foundation for sustainable economic growth.