ICYMI: Sen. Warren Grills Powell on Interest Rate Hikes

March 7, 2023

Washington, D.C. – Today Sen. Elizabeth Warren sharply questioned Federal Reserve Chair Jerome Powell about his interest rate hike regime, noting that Powell’s own projections suggest that Fed policy will push 2 million Americans out of work. 

Lindsay Owens, executive director of Groundwork Collaborative, praised Sen. Warren for debunking the myths used to justify mass unemployment:

“Today in front of Congress, Chair Powell conceded that pushing millions of people out of work is a primary feature – not a bug – of how the Federal Reserve plans to bring down inflation.

“Sen. Warren was right to pull back the curtain on the Fed’s harmful actions. Chair Powell’s own projections show 2 million people will lose their jobs if the Fed’s rate hikes continue as projected. Chair Powell should explain to Congress and the American people why millions of Americans need to lose their jobs to bring down inflation they did not cause.”

On Monday, Groundwork released new polling with Lake Research, showing the majority of voters want the Fed to stop raising interest rates. Key findings are below and you can find the full poll here.

  • Voters believe the Federal Reserve is on the side of big business (38%), banks (38%), and Wall Street (30%). Less than 1 in 5 across partisan lines think the Federal Reserve is on the side of average Americans. 
  • About 4 in 10 voters (42%) nationwide have little to no confidence in Federal Reserve Chairman Jerome Powell doing what is right for the U.S. economy, including 20% who have no confidence at all and 22% who have a little confidence in him. 
  • A majority (56%) of voters across demographic subgroups want the Federal Reserve to stop increasing interest rates before it triggers a recession. More than three quarters of voters say we should be focusing on the legislative tools Congress can use to fight inflation. 
  • More than three quarters believe our economic leaders must focus on full employment and building an economy that works for all rather than taking overly aggressive actions that push the economy into a recession.