Democrats’ Progressive Caucus Calls on Federal Reserve to Cut Interest Rates

So far, the FOMC has increased interest rates in 11 meetings since March 2022 to fight inflation, increasing the rate to 5.33% in July 2023.

Federal Reserve Board Chairman Jerome Powell speaks during a news conference after a Federal Open Market Committee meeting at the Federal Reserve in Washington on Nov. 1, 2023. Kevin Dietsch/Getty Images

With many constituents facing a cost-of-living crisis, 23 Democrats in the House and Senate are calling on Federal Reserve Chairman Jerome Powell to meet with them and draft a plan to lower interest rates immediately.

Led by the Congressional Progressive Caucus, which includes Sen. Bernie Sanders (I-Vt.) and Sen. Elizabeth Warren (D-Mass.), the lawmakers penned a letter to Mr. Powell arguing that high interest rates are no longer needed ahead of the Federal Reserve’s Board of Governors Federal Open Markets Committee (FOMC) meeting starting March 19.