Today, the Federal Reserve Open Market Committee meets for the first time in 2023, where they are expected to raise interest rates by 25 basis points. Groundwork’s Chief Economist Dr. Rakeen Mabud released the following statement cautioning against raising rates again:
“Pushing millions of people out of work is not the answer to tackling inflation. Additional rate hikes could jeopardize our strong labor market – and low-wage workers and Black and brown workers would suffer the biggest economic consequences.
“There’s a clear path forward to avoiding a devastating and completely avoidable recession: Chair Powell and the Fed should stop raising interest rates.”
Email press@groundworkcollaborative.org to speak to Dr. Mabud about today’s FOMC meeting and the risks of further interest rate hikes.