Today, Federal Reserve Chair Jerome Powell in a panel discussion at the European Central Bank’s monetary policy conference said, “We just want to understand that the levels that we’re seeing are a true reading of underlying inflation.” Groundwork Collaborative’s Chief Economist Dr. Rakeen Mabud reacted with the following statement:
“Families feel the pain of high interest rates when they pay their credit card bill or enter the housing market. The Fed has all the data it needs when inflation has been falling from its peak for nearly two years.
“Chair Powell and his colleagues must cut rates now.”
Email press@groundworkcollaborative.org to speak with a Groundwork expert about inflation and the Federal Reserve.