American Senator from Massachusetts, Elizabeth Warren, warned during a press statement today, Wednesday, about the dangers of accelerating the pace of raising the US interest rate, stating that large increases in interest rates are likely to lead to a devastating economic recession.

Warren added that these sharp increases in interest rates within the United States are largely ineffective against the currently high inflation. In this context, officials from the US Federal Reserve confirmed that they are working towards a slight economic slowdown despite accelerating the pace of interest rate hikes.

The US Federal Reserve is scheduled to announce its decision on interest rates later today, with many expecting a 75 basis point increase, especially after some Federal Reserve members confirmed their preference for this step instead of raising by 100 basis points during the current July, but this scenario is not currently excluded.