Progressives Target Fed Attack Directly on Powell
With a new letter from progressive Democrats ahead of the FOMC release, it is clear that the campaign not just against Fed rate hikes, but now also Chairman Powell, is gaining strength on the left. Long-time Fed critic Elizabeth Warren (D-MA) is joined here by Sens. Sanders (D-VT) – who has spoken out before and Sens. Whitehouse (D-RI) and Merkley (D-OR). The letter is also signed by seven progressive House Democrats – a small minority of Democrats to be sure, but still significant in terms of the Democratic base. All of them urge the Fed to forbear on grounds that higher rates are already having adverse employment and global-growth consequences.