Boyle Statement on May 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:

“Last month, I proudly celebrated the announcement that 15 million jobs had been created under President Biden,” said Ranking Member Boyle. “Our economic recovery from the darkest days of the pandemic was driven by American workers and has become the envy of the world. However, the longer the Fed maintains these elevated interest rates, the greater the risk of harming that economic progress. The Fed must remember its dual mandate and avoid keeping these rates too high for too long.”

“American families are already experiencing the consequences of the Fed's actions: Mortgage rates are now at 20-year highs, putting homeownership even further out of reach for working families. Democrats will continue fighting to give families more breathing room, including by lowering healthcare costs and cutting housing costs for renters  and first-time homebuyers. And with inflation sharply down from its peak, the last thing we need is for House Republicans to threaten our progress — that's why House Democrats will keep fighting extreme GOP plans that cut Social Security and Medicare while raising costs for the middle class.”

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