Washington D.C. – During his Congressional appearances this week, Federal Reserve Chairman Jerome Powell faced sharp questioning over what took so long to pause interest rate hikes that caused alarming cracks in the economy. After an unprecedented 10 interest rate increases in a row that hindered manufacturing jobs and kept many Americans from buying new homes or cars, Chairman Powell recently and tellingly described the decision as a “skip” before correcting himself. Lawmakers reminded the Chairman that resuming rate hikes anytime soon is a recipe for a recession.
The interest rate pause should have happened months ago when it became clear the Fed’s policy was squeezing the economy while doing little to squash the corporate profiteering epidemic fueling high prices,” said Liz Zelnick, Accountable.Us’ Director of Economic Security And Corporate Power. “The damage already done to the economy under excessive rate raises should make Fed officials think twice about resuming the failed policy for the foreseeable future in order to protect millions of jobs. They’ve already done their friends on Wall Street enough favors. It’s time to consider average workers for a change.”
- Rep. Steven Horsford: It’s time for the @federalreserve to stop ignoring the human cost of their reckless interest rate hike strategy. @RepHorsford explains the stakes of the Fed’s next move 👇
- Sen. Sherrod Brown: WATCH: @SenSherrodBrown calls out the @federalreserve for asking working Americans to lose their jobs while corporate greed goes unchecked.
- Sen. Elizabeth Warren: WATCH: @SenWarren calls out @federalreserve Chair Powell for advocating for the very regulatory rollbacks that later led to bank failures on his watch.
- Sen. John Fetterman: @SenFettermanPA delivered a reality check to @federalreserve Chair Powell: his interest rate hike strategy will push working Americans out of their jobs.
MORE FROM ACCOUNTABLE.US:
- Fed’s Overdue Interest Rate Pause Leaves Behind Economic Damage
- Analysis: These S&P 500 Companies Inflated Prices Despite Bigger Profits and Investor Handouts
- How the Fed’s rate hikes let corporate greed off the hook
- CBO Projects Layoffs and “Halt” in Economic Growth as Result of Fed’s Aggressive Interest Rate Hikes
- ICYMI: The Fed’s Own Economists Find Corporate Overcharging Is Driving Inflation, Yet Fed Officials Fixated On More Job-Killing Interest Rate Hikes