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Economics

by Jamie Redman

8 hours ago



THE FED UNDER FIRE: ELIZABETH WARREN PUSHES FOR UNPRECEDENTED RATE CUT




As the U.S. Federal Reserve’s Federal Open Market Committee (FOMC) gears up for
its meeting on Sept. 18, anticipation is building for a rate cut. Market
participants are placing their bets, with expectations leaning toward either a
25 basis points (bps) reduction or a 50bps cut. However, Massachusetts Senator
Elizabeth Warren is urging the Fed to go further, advocating for a more
substantial 75bps cut next month.


ELIZABETH WARREN’S BOLD DEMAND

On Aug. 26, Democratic Massachusetts Senator Elizabeth Warren took to X to
demand that the U.S. central bank cut the interest rate by 75bps. “It’s time for
a big cut in interest rates by the Fed — at least 75 basis points,” Warren
argued. “Chair Powell already admitted he’s waited too long. Delay puts too many
jobs at risk and threatens our entire economy,” she added.

Presently, the chances of the Fed cutting the rate by 75 basis points seems
extremely low and the market is betting on either a 25 to 50bps cut. CME’s
Fedwatch tool gives a 25bps cut a 69.5% chance and the odds of a reduction two
times that size is 30.5%. Polymarket bettors are not factoring in a 75bps cut at
all either. Warren also shared her view on the Fed and Chair Jerome Powell in an
interview with Punchbowl News.

She told the publication Powell has been “singing from only one page out of the
hymnal” and further stated :

> [Powell] has been wrong on interest rates, and he needs to step up now with a
> larger rate cut.



On X, Warren faced an entirely different crowd. “Says the career academic and
political hack who knows zero about the economy,” one person replied to the U.S.
Senator. “Here’s an idea- how about you advocate real cuts in big government
spending?” Another accused Warren of using the tactic to get Kamala Harris
elected.

“Whatever it takes to get Kamala elected. Interest rate cuts this close to
election are only done to pump the stock market, misleading the public the
economy is strong,” the individual wrote. “The Fed is just another government
agency with biased leadership.”

Warren’s comments follow a comprehensive academic paper that questions the
widely accepted notion of the Federal Reserve’s political independence. The
paper, authored by Thomas Joseph Webster, Professor Emeritus of Economics at
Pace University, presents evidence suggesting that the Federal Reserve functions
more as a political instrument than as an autonomous entity.

What do you think about Warren’s demands? Share your thoughts and opinions about
this subject in the comments section below.

--------------------------------------------------------------------------------

Bitcoin.com News is seeking a News Writer to produce daily content on
cryptocurrency, blockchain, and the digital currency ecosystem. If you are
interested in becoming a key member of our innovative global team, apply here.

TAGS IN THIS STORY

75bps cut, Central Bank, economic policy, Elizabeth Warren, Federal Reserve,
FOMC, Interest Rate Cut, jerome powell, market reaction, political influence




JAMIE REDMAN

Jamie Redman is the News Lead at Bitcoin.com News and a financial tech
journalist living in Florida. Redman has been an active member of the
cryptocurrency community since 2011. He has a passion for Bitcoin, open-source
code, and decentralized applications. Since September 2015, Redman has written
more than 8,700 articles for Bitcoin.com News about the disruptive protocols
emerging today.



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Image Credits: Shutterstock, Pixabay, Wiki Commons





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