Elizabeth Warren, Sheldon Whitehouse, and John Hickenlooper sent Fed Chair Jerome Powell a public letter begging for a big rate cut right before the elections:

Dear Chair Powell:

We write today to urge the Federal Reserve (Fed) to cut the federal funds rate, currently at a two decade-high of 5.3 percent, by 75 basis points (bps) at the Federal Open Market Committee
(FOMC) meeting on September 17 and 18, 2024. Given the Fed’s confidence in inflation moving
towards its target of 2 percent and data indicating slower job growth, now is the time to swiftly
move forward with rate cuts.

Wait. We thought the Fed was supposed to be free of political interference.