Today, Federal Reserve Chair Jerome Powell will announce the Federal Open Market Committee’s decision on whether to raise interest rates for the fifth time this year. Groundwork’s Acting Executive Director Kitty Richards released the following statement:
“Our economy has continued to defy the outdated economic models of the past, with inflation in retreat, unemployment at record lows, and 4.9% real GDP growth last quarter driven by strong demand. However, families are still feeling the pinch of a decades-long affordability crisis.
“High interest rates aren’t making it easier for people to fill up their gas tanks and get to work, but they are making investments in our clean energy future more expensive. High interest rates aren’t making it easier for families to keep a roof over their heads or make their mortgage payments, but they are putting a halt to desperately needed home construction.
“While today’s expected pause on rate hikes would be welcome news, it’s crucial that the FOMC begin to re-examine the Fed’s aggressive rate-hiking campaign and ask whether high interest rates are doing more harm than good.”
Email press@groundworkcollaborative.org to speak with Kitty Richards about today’s FOMC press conference and why the Fed must commit to an extended pause on interest rate hikes.