The current market consensus is that the Federal Reserve will cut interest rates by 0.5%, but Senator Warren believes that the Federal Reserve needs to take faster action to rescue the labor market. Bitcoin skeptic Elizabeth Warren (D-Mass.) and other Democratic senators sent a letter to the Federal Reserve on Monday calling for a more aggressive rate cut than market expectations. "We are writing today to urge the Federal Reserve to cut the federal funds rate, currently at a two-decade high of 5.3 per cent, by 75 basis points (bps) at its September 17-18, 2024, FOMC meeting," the senators wrote.