Colorado Senator Warns Federal Reserve of Interest Rate Hike Hazards

HIckenlooper says he is concerned another increase could damage economy

Federal Reserve Board Chairman Jerome Powell speaks at a news conference after a Federal Open Market Committee meeting at the Federal Reserve Board Building in Washington on Dec. 14, 2022. Nicholas Kamm/AFP via Getty Images

The Federal Reserve’s Federal Open Markets Committee (FOMC) is expected to raise interest rates again this week in a bid to further reduce inflation. However, a Colorado Senator is urging the committee, which is meeting on Jan. 31 and Feb. 1, to proceed with caution.

“The Fed should pause before taking any additional action that would throttle an already fragile economy,” wrote Sen. John Hickenlooper (D-Colo.) in a Jan. 30, 2023, letter to Federal Reserve Chairman Jerome Powell.