Today, the Federal Open Market Committee announced that interest rates would stay at a 23-year high and updated their forecast to show only one rate cut this year. Groundwork Collaborative’s Director of Policy and Research Bilal Baydoun reacted with the following statement:
“Only one rate cut this year would be a major misstep. Families need relief from high borrowing costs now. Chair Powell is making it harder for families to get by.
“Inflation has fallen dramatically – we had zero inflation in May.”
Email press@groundworkcollaborative.org to speak with one of Groundwork’s experts about today’s FOMC meeting.