Federal Reserve announcements and official meeting minutes

Senators and House Members Urge Fed Chair Powell to Cut Interest Rates Amid Rising Housing Costs

Jun 10, 2024, 09:38 PM

Several U.S. Senators, including Elizabeth Warren, Jacky Rosen, and John Hickenlooper, are urging Federal Reserve Chair Jay Powell to lower interest rates. They argue that the current high rates have sufficiently cooled the economy over the past two years but are now increasing the cost of housing and insurance, putting a strain on American families. Brendan Pedersen and Jake Sherman provide more details on the letter. Additionally, Congressman Brendan Boyle, as Ranking Member of the House Budget Committee, has also called on the Fed to begin cutting rates, emphasizing the threat elevated interest rates pose to the economy and housing affordability. Senator Sheldon Whitehouse also supports this call. The letters were sent on June 10, 2024.