Today, the Bureau of Labor Statistics released the July Consumer Price Index, which shows inflation at 2.9% year-over-year – the first reading below 3% since 2021. Groundwork’s Chief Economist Dr. Rakeen Mabud reacted with the following statement:
“Inflation is no longer the biggest threat to the economy, the Fed is.
“The Fed’s continued high interest rates saddle people with debt, lock them out of the housing market, and threaten their jobs. The Federal Reserve should hold an emergency meeting and cut rates immediately.”
Email press@groundworkcollaborative.org to speak with one of Groundwork’s experts about inflation, the Federal Reserve, and interest rates.