Three Democratic senators, including Elizabeth Warren, Jacky Rosen, and John Hickenlooper, have jointly advised the Federal Reserve to decrease its benchmark interest rate. This recommendation stems from their observation that the prevailing high interest rate is compounding inflationary pressures rather than alleviating them. The senators directed their letter to Federal Reserve Chairman Jerome Powell, emphasizing the necessity for an urgent reduction in the federal funds rate, which currently stands at 5.5%, marking a peak over the past two decades. They voiced their concerns about the adverse effects of prolonged high interest rates on economic growth and inflation. Furthermore, the senators pinpointed the repercussions on sectors such as housing, construction, and auto insurance costs, warning about the potential recessionary impact and employment losses that could ensue. Drawing parallels with recent rate cuts by the European Central Bank and the Bank of Canada, the senators urged the Fed to reconsider its inflation target and align with the changing global economic landscape.
Democratic Senators' Plea for Federal Reserve to Lower Interest Rate Amid Inflation Concerns

by Giorgi Kostiuk
a year ago

Other news
Goblin Finance Raises $1 Million to Boost Yield Infrastructure on Aptos

Goblin Finance, a DeFi protocol on the Aptos blockchain, has raised $1 million to enhance its yield infrastructure.

Goblin Finance Unveils GoVault and GoAPT to Optimize Yield on Aptos

Goblin Finance launches GoVault and GoAPT to optimize yield generation on the Aptos blockchain.

Surf Secures $15 Million in Series A Funding to Enhance AI Platform

Surf, a San Francisco-based startup, has raised $15 million in Series A funding to enhance its AI platform for cryptocurrency research and trading.

Plume Introduces Nest Points Initiative to Enhance User Interaction.

Plume has launched the Nest Points Program to incentivize users for holding and using Nest vault tokens.

Plume and Securitize Join Forces to Expand Access to Regulated Assets

Plume has partnered with Securitize to integrate regulated institutional assets into its Nest protocol, enhancing access to tokenized funds for users and developers in the DeFi space.

Plume Launches RWA Vaults to Improve Yield Potential on Solana.

Plume has launched five new RWA vaults on the Solana blockchain, allowing users to deposit stablecoins and earn yield backed by institutional-grade assets.

Be the first to know about crypto news every day
Get crypto analysis, news and updates right to your inbox! Sign up here so you don’t miss a single newsletter