Today, the Federal Open Market Committee begins its two-day meeting as Federal Reserve Chair Jerome Powell and his colleagues consider the path forward on interest rates. Groundwork Collaborative’s Director of Policy and Research Bilal Baydoun reacted with the following statement:
“Chair Powell has not made it clear how holding rates higher for longer will bring down housing prices. We have to be honest about the profound limits of the Fed’s interest rate tool and its potential harms, like making housing even less affordable.
“The time to cut rates is now. We can lower high housing costs for families and quash the threat of an economic slowdown.”
Email press@groundworkcollaborative.org to speak with one of Groundwork’s experts about the FOMC meeting.