Sen. Elizabeth Warren Asks Fed to Cut Interest Rates, Bitcoin Follows!

- Sen. Elizabeth Warren (D-Massachusetts) and several other Democratic senators sent a letter to the Federal Reserve (Fed) on Monday, asking for a more aggressive interest rate cut than the market expects. 🎢

- They asked the Fed to cut the federal funds rate by 75 basis points (bps) at the FOMC meeting on September 17-18, 2024.

- Warren argues that inflation is close to the Fed's 2% target, but if the Fed is too cautious, the economy could head into a recession.

- According to CME FedWatch, there is a 67% chance that the Fed will announce a 50 bps cut on Wednesday. However, BlackRock warned that the cut will not be as fast as the market expects.

- Bitcoin price fell below $58,000 after this news.

What do you think? Should the Fed be more aggressive? Write in the comments column!