U.S. Senator Elizabeth Warren wrote to Federal Reserve Chairperson Jerome Powell, expressing concern about the current high interest rate policy in the United States and calling on the Federal Reserve to take action to adjust interest rate policy to avoid further impact on economic growth and financial stability. Elizabeth said US interest rates, at 5.5 per cent, are at their highest level in two decades and have been high for some time, slowing economic growth and failing to address the main drivers of inflation. The European Central Bank has cut interest rates for the first time in five years in an effort to keep inflation at its 2 per cent target. The gap with European interest rates is widening as the US Federal Reserve keeps interest rates high, which could lead to a stronger dollar and tighter financial conditions.