The Federal Reserve Chair, Jerome Powell, stated that the US central bank is not in a rush to lower interest rates during his testimony before lawmakers on Tuesday. Powell emphasized that the current policy stance is less restrictive and the economy remains strong, indicating no immediate need for policy adjustments.
However, Senator Elizabeth Warren of Massachusetts expressed disapproval of Powell's approach, accusing the central bank of engaging in political maneuvers as the Trump administration implements significant government restructuring and regulatory reductions. Warren criticized the Fed for maintaining interest rates in the recent meeting and urged for a prompt reduction, starting with a substantial rate cut next month.
