Finance

Archived version

U.S. Sen. Elizabeth Warren on Friday demanded that the chairman of the Federal Reserve immediately "cancel his summer vacation" and slash interest rates following the release of government data showing weaker-than-expected job growth and an increase in the unemployment rate last month.

Warren (D-Mass.), an outspoken critic of the Fed's aggressive interest rate increases, argued in a social media post that Fed Chair Jerome Powell "made a serious mistake not cutting interest rates" at the Federal Open Market Committee's (FOMC) meeting earlier this week. The central bank's policy-setting group opted to hold rates at 5.25% to 5.5% for the 12th consecutive month.