Boyle Statement on Fed Rate Hike

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

“Today’s 25 basis point rate hike is a notable slowdown in the pace of the Fed’s interest rate hikes and reflects what we’ve been seeing in the data: economic growth is up and inflation is down. This is an encouraging sign that a soft landing is within reach as we continue our transition from a rapid post-pandemic economic recovery to steady and stable growth. I know many share my concern that raising rates too high and too fast could endanger the record job growth we've enjoyed under the leadership of President Biden and Congressional Democrats. The Fed must always be mindful of its dual mandate.

“Congress must build on this progress, not jeopardize it. It is my sincere hope that House Republicans will stop courting economic catastrophe by threatening the American people with a devastating default and work with Democrats to instead put people over politics.”

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