Central Banks
Senate Banking Chair Urges Fed to Cut Rates Early This Year
- Ohio Democrat Sherrod Brown says high rates hurting Americans
- Fed officials are expected to hold rates steady on Wednesday
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Senate Banking Committee Chair Sherrod Brown urged Federal Reserve Chair Jerome Powell to cut interest rates early this year, saying high rates are hurting small businesses and putting homeownership out of reach for many Americans.
“While more must be done to address the fact that costs remain too high, it is becoming increasingly evident that restrictive monetary policy is no longer the right tool for combating inflation,” Brown said in a Jan. 30 letter to Powell. “I urge the Federal Reserve to ease monetary policy early this year.”