Warren Urges Fed Chair to Cut Rates and Ease Housing Pressure

Senator Elizabeth Warren and three other Democratic lawmakers are urging Federal Reserve Chairman Jerome Powell to consider lowering interest rates at the upcoming Fed meeting to alleviate the pressure on the housing market, citing the significant increase in home purchasing costs for consumers. The Fed has indicated the possibility of three rate cuts in 2024 as inflation cools, which has already boosted consumer attitudes on the economy. Expensive housing costs have been a concern for President Joe Biden's reelection campaign, and the recent surge in mortgage demand signals a potential return of homebuyers to the market.