Senator Warren Calls for Fed to Cut Rates by 75 Basis Points at Next Meeting
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September 17, 2024
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On September 17, the market widely expects the Federal Reserve to cut interest rates by 0.5%, but Senator Warren believes the Fed needs to take faster action to save the labor market. Elizabeth Warren, a Bitcoin skeptic and Democratic Senator from Massachusetts, joined other Democratic senators in urging the Fed to take more aggressive rate cuts than the market expects. The senators wrote: "We write today to urge the Fed to reduce the federal funds rate (currently at its highest level in 20 years, 5.3%) by 75 basis points (bps) at the Federal Open Market Committee (FOMC) meeting on September 17-18, 2024."
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