| WASHINGTON, D.C. – Today, Congresswoman Maxine Waters (D-CA), the top Democrat on the House Financial Services Committee, released this statement following the Federal Reserve’s latest decision to cut interest rates by 50 basis points. *Revised to clarify 50 basis points in the topper and in the body of the statement.* “I applaud the Federal Reserve for making the necessary decision to cut interest rates by 50 basis points. When the Federal Reserve made the decision to start hiking rates in 2022 to combat rising inflation, the U.S. economy was still reeling from the supply disruptions of a global pandemic, which had shuttered too many small businesses and left millions of people scrambling to find employment. Now two years later, with the help of the Biden-Harris Administration’s economic policies, inflation is close to its pre-pandemic rates, supply chain strains have eased, employers are hiring, and Americans are spending money as they did before the pandemic. Put simply, the economy is well on a stable path to full recovery, something envied by the rest of the world. Despite constant attacks from extreme MAGA Republicans, with plans outlined in Project 2025 to undermine our central bank, I am pleased that Fed has not only remained independent, but shown the importance of remaining independent as it followed the data and not politics. We have more work to do on expanding affordable housing, eliminating junk fees, and addressing other pocketbook issues important to Americans, but today’s decision by the Fed will help the U.S. economy maintain this momentum, get our housing market moving again, keep unemployment low, and minimize any adverse economic effects of higher rates.” |
