Today, Federal Reserve Chair Jerome Powell delivers his Semiannual Monetary Policy Report to Congress and testifies before the Senate Banking Committee this morning and the House Financial Services Committee tomorrow. Groundwork Collaborative’s Chief Economist Dr. Rakeen Mabud commented on his forthcoming testimony:
“We’ve had nearly two years of falling inflation and zero inflation in May. Despite this progress, Chair Powell has kept interest rates at a 23-year high at the expense of families struggling with high borrowing costs.
“Congress should be asking one question: Where are the rate cuts?”
Email press@groundworkcollaborative.org to speak with a Groundwork expert about interest rates and the Federal Reserve.