U.S. Senator writes to the Federal Reserve Chairman: High interest rates in the U.S. are slowing economic growth, and interest rates should be lowered as soon as possible

ChainCatcher News, U.S. Senator Elizabeth Warren wrote to Federal Reserve Chairman Jerome Powell, expressing concerns about the current high interest rate policy in the United States and urging the Federal Reserve to take action to adjust interest rate policies to avoid further impacts on economic growth and financial stability.

Elizabeth stated that U.S. interest rates are at their highest point in the past twenty years, at 5.5%. High interest rates have persisted for some time, slowing economic growth and failing to address the main drivers of inflation. The European Central Bank has lowered interest rates for the first time in five years in an effort to keep inflation at the target level of 2%. As the Federal Reserve maintains high interest rates, the gap between U.S. and European rates is widening. This could lead to a stronger dollar and tighter financial conditions.