Interest rates have been shooting up following the covid pandemic to control loans that were at zero percent and other areas of spending so that inflation would also level out.

According to the US Federal Reserve, interest rates are currently between 5.25 and 5.50 percent. US Senator Chuck Grassley wants to see interest rates come back down soon.

“I think the last report we had on inflation is helpful for getting a couple interest rate reductions yet this year. And it will be very helpful for the economy.” 

Grassley explains that with the national unemployment rate having a minor increase this past month, should also impact the Fed’s decision.

“Then I think that that’s a kind of a signal to the Fed to reduce interest rates so we don’t get massive unemployment.” 

Sources say the last time the Fed raised interest rates in July of 2023.