Lawmakers led by Democrats urged the Fed to halt rate hikes ahead of Wednesday’s announcement.
The Fed’s hawkish stance continues to push the sectors economically. However, some lawmakers warned the Fed to stop raising interest rates.
Call to Stop Raising Rates Before Wednesday’s Announcement
A group of lawmakers, including Senator Elizabeth Warren and Representative Pramila Jayapal, urged the Fed to halt rate hikes. The request came a day before the Fed was expected to raise its benchmark rate by a quarter point. Lawmakers pressed Fed chairman Jerome Powell to “avoid planning a recession that destroys jobs and crushes small businesses.”
Ten senators and representatives, led by Senator Elizabeth Warren of Massachusetts and Representatives Pramila Jayapal of Washington and Brendan Boyle of Pennsylvania, expressed concern about the Fed’s monetary policy strategy and “the potential to put millions of Americans out of work.”
A group led by several prominent Democratic lawmakers urged the Fed to halt rate hikes to avoid risking too much damage to the economy.
The banking crisis that started in the past weeks continues to cause problems in the USA. However, the banking crisis continues to deepen.
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