Boyle Statement on September 2026 Fed Interest Rate Hike

WASHINGTON, DC — Today, Congressman Brendan F. Boyle (PA-02), 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:

“Today’s rate hike is further proof that Donald Trump and Republicans have failed on the economy. When Trump took office, inflation was falling. But just today, diesel hit the highest price on record. Trump’s reckless tariffs and disastrous war in Iran have sent prices soaring again, leading to the Federal Reserve decision to raise rates.

Donald Trump will undoubtedly try to blame anyone but himself for this rate hike. But if he wants to know who caused it, he should look in the mirror.”

Yesterday, a Congressional Budget Office analysis of the Iran war requested by Ranking Member Boyle found that the conflict will add roughly 0.5 percentage points to inflation in the first quarter of 2027, and already added an estimated 2.3 percentage points to inflation in the second quarter of 2026.

For more information on the Trump-Republican cost-of-living crisis in congressional districts across the United States, visit democrats-budget.house.gov/costofliving.

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