flexiblefullpage - default
Currently Reading

Democratic Senators Urge Federal Reserve to Cut Interest Rates in 2024

billboard - default

Democratic Senators Urge Federal Reserve to Cut Interest Rates in 2024

A group of Democratic senators is urging the Fed to do more and better on interest rates to ease the burden on American households struggling to afford housing

January 29, 2024
High interest rates balloon carries homeowner off into the sky holding on to house
Image: Jeffery Edwards / stock.adobe.com

After the Federal Reserve repeatedly raised interest rates throughout 2022 and 2023 in its efforts to tame inflation, which hit a 40-year high of 9.1% in June 2022, inflation has since cooled significantly. In December, consumer prices were up just 3.4% year-over-year, and the Fed has held off on any further rate hikes at its three most recent meetings. 

Even so, several Democratic senators stress that the Federal Reserve needs to cut interest rates this year to help ease the ongoing housing access and affordability crisis, The Hill reports.

In a letter to Fed chair Jerome Powell, Sens. Elizabeth Warren (D-Mass.), John Hickenlooper (D-Colo.), Jacky Rosen (D-Nev.), and Sheldon Whitehouse (D-R.I.) said the Fed’s decision to rapidly raise rates has resulted in higher housing costs for both homebuyers and renters, as well as a lack of new home construction. The senators warn that high interest rates continue to make it difficult for many Americans to afford rent or buy their first home, and this lack of affordability disparately affects Black and Hispanic households.

“As the Fed weighs its next steps in the new year, we urge you to consider the effects of your interest rate decisions on the housing market and to reverse the troubling rate hikes that have put affordable housing out of reach for too many,” the group wrote in Sunday’s letter.

Read more


leaderboard2 - default

Related Stories


The Disappearing Act That Is Middle-Income Housing

An expert weighs in on the diminishing supply of middle-income housing, which is particularly acute in California, and what to do about it

Off-Site Construction

Utah Passes Bill to Regulate Modular Construction at the State Level

Goals for housing innovation and affordability meet in the Utah's passage of a new bill that establishes a statewide modular construction program


Affordability Improves, but the Average Worker Still Struggles to Afford a Home

Homeownership around the U.S. continues to require historically large portions of worker wages, a new housing-affordability report finds

boombox1 -
native1 - default
halfpage2 -

More in Category

Delaware-based Schell Brothers, our 2023 Builder of the Year, brings a refreshing approach to delivering homes and measuring success with an overriding mission of happiness

NAHB Chairman's Message: In a challenging business environment for home builders, and with higher housing costs for families, the National Association of Home Builders is working to help home builders better meet the nation's housing needs

Sure there are challenges, but overall, Pro Builder's annual Housing Forecast Survey finds home builders are optimistic about the coming year

native2 - default
halfpage1 -

Create an account

By creating an account, you agree to Pro Builder's terms of service and privacy policy.

Daily Feed Newsletter

Get Pro Builder in your inbox

Each day, Pro Builder's editors assemble the latest breaking industry news, hottest trends, and most relevant research, delivered to your inbox.

Save the stories you care about

Lorem ipsum dolor sit amet lorem ipsum dolor sit amet lorem ipsum dolor sit amet.

The bookmark icon allows you to save any story to your account to read it later
Tap it once to save, and tap it again to unsave

It looks like you’re using an ad-blocker!

Pro Builder is an advertisting supported site and we noticed you have ad-blocking enabled in your browser. There are two ways you can keep reading:

Disable your ad-blocker
Disable now
Subscribe to Pro Builder
Already a member? Sign in
Become a Member

Subscribe to Pro Builder for unlimited access

Lorem ipsum dolor sit amet, consectetur adipisicing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua.