Fed Chair Jerome Powell announced a half percent cut to benchmark interest rates on Wednesday — the first cut since March 2020. While a half percent cut is considered large, Massachusetts Sen. Elizabeth Warren wanted more.
Massachusetts Sen. Elizabeth Warren said the Federal Reserve interest rate cut to curb inflation was not aggressive enough and came too late for American families.While a half percent cut is considered large, the Senator from Massachusetts wanted more. Warren, along with two senate colleagues,to Powell's office on Monday ahead of the announcement, advocating for the Fed to cut rates by three-quarters of a percent..
"Homeowners are saying 'I can't afford to buy a house,' but it's also people with car loans and credit cards. They have all been paying more because the Fed has kept interest rates so high," said Warren. Warren said aggressive rate cuts, like the one she proposed, aren't a sign the market is headed for a recession, but rather an acknowledgement that families need relief from high costs.
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