Jonathan Nicholson covers Capitol Hill and campaigns for HuffPost. His Twitter is @JNicholsonInDC.
should cut interest rates this week for the first time since the onset of the COVID-19 pandemic, three Democratic senators said Monday in a letter to its chairman, Jerome Powell .
, 74 said they did not expect a cut until September. That survey was taken before Friday’s May jobs report, which showedThe Fed has not cut its key federal funds rate since March 2020, when it slashed it by a huge 100 basis points as the COVID-19 pandemic began dragging down the U.S. and global economies.
“The Fed’s decision to keep interest rates high continues to widen the rate gap between Europe and the U.S, as the lower interest rates could push the dollar higher, tightening financial conditions,” they said.
Federal Reserve Inflation Jerome Powell
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