Senator Warren calls on Fed to cut rates by 75 basis points at next meeting

The market is now widely expecting the Federal Reserve to cut interest rates by 0.5%, but Senator Warren believes the Fed needs to act faster to save the labour market. Bitcoin sceptic Elizabeth Warren (D-Massachusetts) and other Democratic senators sent a letter to the Federal Reserve on Monday calling for a more aggressive rate cut than the market expects. The senators wrote, ‘We are writing today to urge the Federal Reserve (Fed) to cut the federal funds rate, currently at its highest level in two decades at 5.3%, by 75 basis points (bps) at the 17-18 September 2024 Federal Open Market Committee (FOMC) meeting.’