Warren urges the Fed to “follow the data”
As top Fed officials meet again on Wednesday to discuss whether to cut interest rates — the consensus is that they won’t yet — a trio of Democratic senators, led by Elizabeth Warren of Massachusetts, is urging the central bank to move faster.
In a letter sent on Tuesday to Jay Powell, the Fed chair, that DealBook is first to report on, the lawmakers say that avoiding a cut now would give in to calls from some Republicans to refrain from taking such an action before the election in November.
“We are writing to urge you to follow the data” in cutting rates on Wednesday, Warren, John Hickenlooper of Colorado and Sheldon Whitehouse of Rhode Island write. They point to consecutive decreases in the Personal Consumption Expenditures index, the Fed’s preferred inflation gauge, as well as to more troubling economic trends.
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By: Andrew Ross Sorkin, Ravi Mattu, Bernhard Warner, Sarah Kessler, Michael J. De La Merced, Lauren Hirsch, and Ephrat Livni
Source: New York Times
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