'The real purchasing power of American workers continues to drop,' noted former U.S. Labor Secretary RBReich. 'This is absolutely not the time for more interest rate hikes.'
, the central bank's Federal Open Market Committee said it"anticipates that ongoing [interest rate] increases in the target range will be appropriate in order to attain a stance of monetary policy that is sufficiently restrictive to return inflation to 2% over time.", estimating that gross domestic product growth will slow next year and the unemployment rate will rise significantly—a reflection of the impact the central bank's policy moves have had on the U.S. economy thus far.
Liz Zelnick, director of the Economic Security and Corporate Power program at Accountable.US, said in a statement that"recession is not inevitable, but that depends largely on the Fed." "While the Fed took a step in the right direction by easing off more aggressive rate hikes, it should quit while it's ahead," said Zelnick."Now is the time for policymakers to focus on what is keeping the economy from soaring—corporate greed. Job-killing interest rate hikes have clearly not deterred corporations from excessively raising prices on working families despite reporting record profits and enriching investors.
During a press conference following the rate hike, Fed Chair Jerome Powell said that while"inflation data received so far for October and November show a welcome reduction in the monthly pace of price increases," he believes it"will take substantially more evidence to give confidence that inflation is on a sustained downward path."
The 50-basis-point rate increase comes as the Fed leadership continues to face growing outside pressure—as well as some
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