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    fed rate hikes

    U.S. Federal Reserve Chair Jerome Powell attends a press conference

    Fed Warned to Stop 'Needless Rate Hikes' as Inflation Cools for 10th Straight Month

    “The verdict is in: we don't have to choose between low prices and low unemployment. We can have both," said one economist.

    Jake Johnson
    May 10, 2023

    Progressive economists on Wednesday welcomed newly released U.S. inflation data as further evidence that price increases can be brought under control without crushing the labor market and throwing millions out of work.

    But they also warned that the still-strong job market could falter, with devastating consequences for workers, if the Federal Reserve keeps raising interest rates in the coming months.

    Keep ReadingShow Less
    News
    fed rate hikes
    Fed Chair Jerome Powell listens during an open session of a Financial Stability Oversight Council meeting

    Warren, Sanders, and 8 Others to Powell: Stop Hiking Rates or Risk Terrible Recession

    "We strongly urge you to respect the Fed's dual mandate, pause your rate hikes, and avoid engineering a recession that destroys jobs and crushes small businesses."

    Jake Johnson
    May 03, 2023

    Ten lawmakers including progressive Sens. Elizabeth Warren and Bernie Sanders implored the Federal Reserve to impose a pause on interest rate hikes during its Wednesday meeting, warning that further financial tightening in the name of fighting inflation would risk a brutal, job-killing recession.

    In a letter to Fed Chair Jerome Powell earlier this week, the members of Congress expressed deep concern that "the Fed risks throwing millions of Americans out of work in its drive to raise interest rates even higher—even as Fed staff have already projected a recession this year amid financial market headwinds and even as you have acknowledged that inflation can slow without destroying the labor market, that the most significant drivers of inflation are not demand-based, and that the economy has not yet experienced the full impact of its earlier rate increases."

    Keep ReadingShow Less
    News
    fed rate hikes
    Federal Reserve Board Chairman Jerome Powell holds a news conference following a Federal Open Market Committee meeting on March 22, 2023 in Washington, D.C.

    The Fed Accused of 'Playing With Fire' After Latest Rate Hike

    "It shouldn't take a lot of courage to resist another interest rate hike when the economy is this fragile," said one critic.

    Jessica Corbett
    Mar 22, 2023

    Progressive economists and other experts blasted Federal Reserve leadership on Wednesday for raising interest rates yet again despite concerns about recent bank failures and how the quarter-point increase will impact the U.S. and global economies.

    "Once again, interest rate hikes are going to fall hardest on low-wage workers and the poor—the same people who have already been hurt the most by rising prices," tweeted University of California, Berkeley professor and former Labor Secretary Robert Reich. "Higher rates could also imperil more banks, and risk even more financial chaos. The Fed is playing with fire."

    Keep ReadingShow Less
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    fed rate hikes

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