For Immediate Release
Fed Up Campaign Celebrates Victory for Working Families as Fed Holds Off on Rate Hikes
WASHINGTON - After a month of major mobilizations from Jackson Hole, WY to Washington, DC, the Fed Up campaign today released the following statement, celebrating the Federal Reserve’s decision not to raise interest rates.
“This is a victory for the working families who stepped up with innovative organizing to send the Fed a clear message: Our voices belong in the debate about our economy,” said Ady Barkan, Campaign Director for Fed Up. “With the recovery still far too weak in too many communities, it would have been economically devastating – and immoral – to slow the economy.”
“We applaud Chair Yellen and the Federal Reserve for resisting the pressure being put on them to intentionally slow down the economy. Weak wage growth proves that the labor market is still very far from full employment. And with inflation still below the Fed’s already low target, there is simply no reason to raise interest rates anytime soon. Across America, working families know that the economy still has not recovered. We hope that the Fed continues to look at the data and refrain from any rate hikes until we reach genuine full employment for all, particularly for the Black and Latino communities who are being left behind in this so-called recovery.
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The campaign held a rally outside the building where Chair Janet Yellen made the announcement this afternoon. Fifty workers gathered to tell their stories and call on the Fed not to intentionally slow down the economy. They were joined by Rep. John Conyers (D-MI), who introduced today the Full Employment Federal Reserve Act of 2015, which would enhance the Fed’s full employment mandate.
Throughout late 2014 and 2015, the Fed Up campaign has elevated the voices of working families, meeting with four of the five Fed Governors and six of the twelve regional Fed presidents. Workers across the country have talked about the tremendous racial and economic disparities that still afflict the economy, and the need for genuine full employment that creates rising wages and more jobs for all communities. It has enlisted the support of economists like Nobel Laureate Joe Stiglitz, the involvement of four of the nation’s largest progressive digital advocacy organizations, and over 120,000 supporters around the country.
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