Colorado Senator Warns Federal Reserve of Interest Rate Hike Hazards
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.
The committee increased the interest rate from .50 percent in March 2022 and has continued the increases each month to the current 4.5 percent rate.
Federal officials have publicly stated that the rate should be raised slowly until the inflation rate is at 2 percent….