Elizabeth Warren and Democratic Senators Urge Fed to Cut Rates by 75 Basis Points on Wednesday

Sep 16, 2024, 03:38 PM

US Senator Elizabeth Warren, along with other Democratic senators, is urging the Federal Reserve to implement a 75 basis point (0.75%) interest rate cut this week. The senators, including Sheldon Whitehouse and John Hickenlooper, have written a letter to Fed Chair Jerome Powell, expressing concerns about the current economic conditions and the potential risk of recession. This move is seen as an effort to stimulate the economy and protect the labor market. The rate cut is being specifically requested for Wednesday. Despite the call for a significant rate cut, the Federal Reserve is known for its independence from political influence.