July 21, 2021

The Federal Reserve is considering using a new rule to cut interest rates and reduce the financial burden on taxpayers, according to a report from the Washington Post.

The report, which comes just days after the central bank lowered interest rates for the first time in years, also notes that the central banker may also consider hiking rates further.

Under the proposed rule, the Fed could begin raising rates in January 2019 and raise them another quarter later if it determines that the economy is in need of help, according the Post.

It is unclear how the Fed will react to a potential rate increase, or how many borrowers would qualify for loans from the new rule, but the Fed’s chair, Janet Yellen, has previously said that the Fed would consider increasing interest rates if the economy “is not in a strong enough position to support it.”