Groundwork to FOMC: “Think Twice Before Raising Rates Again”

November 1, 2022 Groundwork Collaborative

Today, the Federal Open Market Committee will meet to consider an additional interest rate hike – potentially their sixth this year – as a growing chorus of stakeholders warn about the dangers of raising rates even further. Rakeen Mabud, chief economist at Groundwork Collaborative detailed what’s at stake: 

“Experts are calling out Chair Powell and the Federal Reserve’s interest rate bender for what it is: misguided policy with catastrophic outcomes for the millions around the country who are already struggling to make ends meet.  

“The Fed’s rate-hiking frenzy is doing everything but lowering prices. Wage growth is slowing and mortgage rates are the highest in 20 years. If Powell wants to be taken seriously as a responsible steward of the economy, he should think twice before raising rates again.” 

Email to speak to Groundwork’s lineup of experts about the Fed’s interest rate hikes and what they spell for our economy.