Commerce Secretary Lutnick Urges Federal Reserve to Cut Rates

U.S. Commerce Secretary Howard Lutnick said in a televised CNBC interview on Tuesday that "we all agree interest rates should be lower," adding that current borrowing costs are restraining economic momentum. Lutnick argued that the Federal Reserve should begin reducing rates to ease pressure on businesses and households. His comments place additional political pressure on the central bank, which has kept its benchmark federal-funds rate at a multi-year high to curb inflation. Fed officials have signaled they will look for sustained evidence that price growth is returning to the 2% target before considering cuts.