Rep. Ritchie Torres is urging Federal Reserve Chair Jerome Powell to act swiftly on slashing interest rates or risk economic calamity.
A House Democratic lawmaker is urging the Federal Reserve to cut interest rates as soon as possible, warning that failure to do so could plunge the country into a recession. "I am writing to call upon the Federal Reserve to immediately cut interest rates. Even though the Fed has a statutory dual mandate of price stability and maximum employment, it has swung the pendulum too far in the direction of the former to the detriment of the latter," Rep. Ritchie Torres, D-N.Y.
Powell suggested in a press conference last week that lowering interest rates too soon could prompt inflationary growth. But he opened the door to the possibility when the Fed next meets. "I think it’s a difficult judgment to make, and what you see as the judgment of the committee is that that time is drawing near. That time could be in September, if the data support that," he said.
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