Boyle Statement on January Fed Interest Rate Pause

WASHINGTON, D.C. — 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 continued pause in interest rate increases:

“Today, inflation is approaching the Fed's 2 percent target while the economy continues to grow, consumers continue to spend, and unemployment remains near a 50-year low,” said Ranking Member Boyle. “A year ago, there was no shortage of pundits and analysts who claimed that would be impossible. They couldn't have been more wrong. A soft landing is firmly in sight, and in 2024 the Fed must avoid needlessly risking our economic progress and start cutting interest rates.”

“For three years now, House Republicans have cheered for negative economic headlines while refusing to lift a finger to help working families. They voted against the American Rescue Plan, voted against the Inflation Reduction Act, and voted against infrastructure investments while happily taking credit for projects in their states. They obstructed, but Democrats delivered anyway – and the result is a Biden economy beating the Trump economy across the board: ushering in more jobs, more growth, a stock market at all-time highs, and greater opportunity for every American.”

###