Boyle Statement on July Fed Interest Rate Hike

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 25-basis point interest rate increase:

"Since 1961, the Fed has raised interest rates nine times to tame inflation – and ended up triggering a recession in eight of those nine cases. Millions of jobs are on the line and this eleventh rate hike raises the risk of another over-correction," said Ranking Member Brendan Boyle. "With the rate of inflation less than one point away from the Fed's two percent target, our chief concern should be protecting American jobs and our historic recovery."

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