Nigel Green, chief executive of deVere Group, one of the world's largest independent financial advisers and asset managers, warned that the Federal Reserve must take bold action by cutting interest rates by an unusually large 50 basis points in September to prepare for the coming economic storm. Nigel Green says interest rates are now at more than 20-year highs and there is no room for hesitation. A 25 basis point cut may mark a change in direction, but it is not the aggressive action needed to avert a potentially catastrophic hard landing. The case for a bold 50 basis point cut in September is clear. Such a move would strongly signal that the Fed is serious about steering the US economy away from the brink of recession. This would be followed by a further 25 basis point cut in November and December, so that the Fed would not only address immediate concerns, but also lay the foundation for sustainable economic growth.