Democratic Senators Call on Fed to Cut Rates by 75 Basis Points
- Trio of senators urge central bank to lower rates aggressively
- Warren, Whitehouse and Hickenlooper sign letter to Powell
Three Democratic senators urged Federal Reserve Chair Jerome Powell and fellow policymakers to aggressively cut the central bank’s benchmark interest rate, including by 75 basis points this week, to protect the US economy from potential harm.
“If the Fed is too cautious in cutting rates, it would needlessly risk our economy heading towards a recession,” Sens. Elizabeth Warren, Sheldon Whitehouse and John Hickenlooper said in a letter sent Monday to Powell. “The Committee must consider implementing rate cuts more aggressively upfront to mitigate potential risks to the labor market.”
