Several U.S. Senators have been advocating for a significant interest rate cut, pushing back against the Federal Reserve's current policy. Senators Elizabeth Warren (D-Mass.), John Hickenlooper (D-Colo.), and Sheldon Whitehouse (D-R.I.) are among the most vocal in calling for a rate reduction.
They have urged the Fed to lower the federal funds rate, arguing that the current 5.25%-5.5% level, the highest in over 20 years, is harming American families and businesses. The Senators were also quoted as arguing:
“If the Fed is too cautious in cutting rates, it would needlessly risk our economy heading towards a recession”
In addition to this, the lawmakers highlight declining inflation and the softening labor market as reasons for an immediate cut to ease economic pressure. This group believes the Fed is delaying necessary actions that could stabilize the economy more effectively. The senators emphasized that inflation has nearly reached the Fed’s 2% target, and ...
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