The Federal Open Market Committee meeting today marks the first time the Federal Reserve will meet following the bailout of Silicon Valley Bank and Signature Bank. Groundwork Collaborative’s Chief Economist Rakeen Mabud released the following statement:
“While the Federal Reserve wasted no time protecting wealthy venture capitalists and startup CEOs last weekend, it has shown little concern for the millions of people who could lose their jobs as a result of its aggressive rate hikes.
“After the SVB fiasco, Chair Powell should not touch rate hikes with a ten-foot pole. Another rate hike will be the straw that breaks the camel’s back, sending our economy into a painful – and completely avoidable – recession.”