A group of bank economists prodded the Federal Reserve Wednesday to cut interest rates.

To spur the economy, the federal funds rate should be 50 basis points lower, at 5%, said Lynn Reaser, First Interstate Bancorp's chief economist and chairwoman of the American Bankers Association's economic advisory committee.

Subscribe Now

Access to authoritative analysis and perspective and our data-driven report series.

14-Day Free Trial

No credit card required. Complete access to articles, breaking news and industry data.