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