"Hmm, but it's like I can't believe that Powell will lower the interest rate even though many insist."
Elizabeth Warren, United States Senator (US) called on the Federal Reserve (Fed) to lower its interest rate target during the Federal Open Market Committee (FOMC) meeting scheduled to take place on Thursday this week.
He who sent a letter to Fed Chairman Jerome Powell has claimed that the central bank's current 5.5% interest rate can not only slow down the economy but also drive up housing and vehicle insurance costs which are the main drivers of inflation.
Lowering interest rates would put the US in line with Canada and the European Union (EU) after both central banks cut interest rates last week for the first time in years, Warren further commented.
He added that the Fed has kept interest rates too high for quite some time, so it is time to cut interest rates if the US central bank does not want to see the country go into recession and push thousands of workers out of their jobs.
According to the Fed shortly after its last FOMC meeting in May 2024, the US central bank considers reducing the target range unwarranted until it has greater confidence that inflation will move to the 2% target.
With job growth and low unemployment likely to keep interest rates higher, many expect a 99% chance the Fed will keep interest rates on hold at the June FOMC meeting, then cuts are likely to begin in September or November.
Like to be informed that the coming lower interest rates will push crypto prices including BTC higher to break all-time highs even though the price is currently moving weakly.