Democrats’ Progressive Caucus Calls on Federal Reserve to Cut Interest Rates

Published on March 19, 2024

With many constituents facing a cost-of-living crisis, 23 Democrats in the House and Senate are calling on Federal Reserve Chairman Jerome Powell to meet with them and draft a plan to lower interest rates immediately. Led by the Congressional Progressive Caucus, which includes Sen. Bernie Sanders (I-Vt.) and Sen. Elizabeth Warren (D-Mass.), the lawmakers penned a letter to Mr. Powell arguing that high interest rates are no longer needed ahead of the Federal Reserve’s Board of Governors Federal Open Markets Committee (FOMC) meeting starting March 19. “We write to urge the Federal Open Market Committee (FOMC) to seriously consider the harmful economic consequences of maintaining excessively high interest rates for an unnecessarily long period of time,” the lawmakers said in their letter....

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