The following is the transcript of the interview with Gary Cohn, IBM vice chairman and former director of the U.S. National Economic Council, that aired on "Face the Nation with Margaret Brennan" on Sept. 21, 2025.

MARGARET BRENNAN: We turn now to a look at the U.S. economy. Gary Cohn was the head of the White House National Economic Council in the first Trump administration. Good morning. Great to have you back.

GARY COHN: Good morning. Thanks for having me.

MARGARET BRENNAN: So, it finally happened. The Federal Reserve lowered interest rates by quarter point, which was expected. So, rates are now in this range of four to four and a quarter percent, lowest level since 2022 the President had said all of this was overdue. What changes now?

GARY COHN: So, look, I think the Fed gave us a

See Full Page