Washington DC – Today, as the Bureau of Labor Statistics announced employers added a whopping 517,000 jobs in January, government watchdog Accountable.US is warning the Federal Reserve against continuing their reckless interest rate hikes. Just this week, the Fed announced an interest rate hike of 0.25 percentage points – a decision that could risk a potential recession and lead to millions of layoffs.
As the nation celebrates a major victory for employment, the Fed’s recent interest rate hikes continue to suggest they think too many Americans have jobs. It’s simple: the more the Fed embraces job-killing rate hikes that disproportionately hurt low-income workers and struggling mom-and-pop shops, the more the Fed will roll back this great economic progress. Ignoring the voices of their own economists in favor of Wall Street is not smart policy. It’s the Fed’s selfish way of asking Americans to sacrifice their financial security on behalf of special interests.”
Liz Zelnick, Director of Accountable.Us’ Economic Security & Corporate Power Program
A recent A.US review found more and more prominent economic experts and lawmakers have come out against further interest rate hikes from the Federal Reserve – warning that further rate increases would do serious harm to the economy while doing little to address inflation drivers like corporate profiteering.