Fed Should Cut Interest Rate as Restrictive Stance Adds to Inflation, Democrats Say

The Federal Reserve (Fed) should cut the federal funds rate from its current two-decade-high of 5.5 percent to counter the economic slowdown and address inflation. Senators urge a move away from the high-interest environment.

Senators emphasize that the Fed's pursuit of high interest rates to curb inflation is exacerbating problems by raising housing, construction, and auto insurance costs, potentially leading to a recession that could result in job losses.

Read at Coindesk