Federal Reserve Faces Pressure Over Interest Rate Hikes Amid Economic Uncertainty

Senate Republicans criticized Sen. Elizabeth Warren's letter to the Federal Reserve, calling for a pause in interest rate hikes to avoid a recession. GOP senators blamed the Biden administration's inflationary policies and argued that rolling back green energy policies in favor of more fossil fuel production is a more permanent solution to strengthen the economy. Warren warned that continued interest rate hikes risk "engineering a recession that destroys jobs and crushes small businesses." The Fed is expected to raise interest rates for the 10th consecutive time during this period of decades-high inflation.