Bitcoin Skeptic Senator Warren Urges Fed for 75 Bps Rate Cut at Upcoming FOMC Meeting

COINOTAG news, September 17 – The market is largely anticipating a 50 basis points interest rate cut from the Federal Reserve. However, Senator Elizabeth Warren has voiced the need for a more prompt reduction to safeguard the labor market. On Monday, Senator Warren, a known Bitcoin skeptic, along with other Democratic senators, addressed the Federal Reserve with a request for a more assertive approach. They urged the Fed to lower the federal funds rate from 5.3%, which is a two-decade peak, by 75 basis points in the upcoming Federal Open Market Committee (FOMC) meeting scheduled for September 17-18, 2024. Such a move, they argue, is crucial to counteracting economic slowdown risks and ensuring employment stability.