[U.S. Treasury Secretary Besent Criticizes the Complexity of the Federal Reserve's Interest Rate Management Mechanism] On November 26, U.S. Treasury Secretary Besent stated that the Federal Reserve's interest rate management mechanism is overly complex and suggested simplifying it. He noted that the Federal Reserve's current ample reserves system appears to be loosening but did not specify the meaning of 'loosening.' Besent has long been critical of the Federal Reserve, particularly expressing concern over its massive balance sheet, which he believes could distort market pricing. He also questioned the Federal Reserve's reliance on liquidity tools in its complex interest rate management approach, advocating for a return to the highly managed system prior to the financial crisis.