Crypto Critic Elizabeth Warren Asks Fed For 75 bps Rate Cut On Wednesday
CryptoNewsTerminal Staff16 Sep, 2024
Crypto Critic Elizabeth Warren Asks Fed For 75 bps Rate Cut On Wednesday
Crypto skeptic and Massachusetts Democrat Elizabeth Warren has asked the Federal Reserve to cut rates by 75 basis points at its policy meeting on Wednesday at 2 pm ET. In a letter to the Fed, Warren argues that the central bank needs to make a rate cut move soon, considering that inflation is moving closer to the Fed's target of 2% and job growth is slowing. It's a significant move by Warren, who has been a vocal critic of the crypto industry. In the past, she has called for increased regulation of cryptocurrencies and stablecoins. It remains to be seen whether the Fed will heed Warren's call for a rate cut. The central bank has been raising rates aggressively in recent months in an effort to combat inflation. However, some economists believe that the Fed may be close to the end of its rate-hiking cycle. If the Fed does cut rates, it would be a significant boost for the crypto industry. Lower interest rates tend to make cryptocurrencies more attractive to investors.
