Three prominent Democrats urged Federal Reserve Chair Jerome Powell on Monday to cut interest rates by 75 basis points, warning the central bank may have already delayed too long. The central bank is poised to announce rate cuts Wednesday after more than a year at the two-decade-high range of 5.25 to 5.5 percent. While Powell signaled in December that rate cuts were on the horizon, sticky inflation this spring delayed his timeline for rate cuts as the Fed waited and watched for inflation to continue to fall. Inflation clocked in at 2.5 percent in August, even lower than anticipated and a far cry from its 9.1 percent peak in June 2022. “It is clearly the time for the Fed to c
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