Boyle Statement on Fed Interest Rate Hike

WASHINGTON, DC —Today, Pennsylvania Congressman Brendan F. Boyle, Ranking Member of the House Budget Committee, released the following statement after the Federal Open Market Committee (FOMC) announced a 25 basis point interest rate increase:

"Given the precarious state of our financial system and market volatility over the past days and weeks, I am concerned by the Federal Reserve's decision to hike interest rates by 25 basis points today. Raising rates too high and too fast — especially in this moment — could jeopardize the record recovery Americans have enjoyed under President Biden. The Fed must not forget its dual mandate.

"The recent bank failures and subsequent tumult in the market underscore that the last thing our economy needs is more drama and more chaos. Hostage-taking over the debt ceiling is always risky and irresponsible, but the consequences are even more dire in this moment. Republicans must put politics aside, stop threatening the American people and our economy with default, and join Democrats in voting to pay the government's outstanding bills. Any other course of action is downright dangerous and devoid of reason."

###