Today, the Federal Reserve released meeting minutes from its Jan. 31-Feb. 1 gathering, providing insight into likely plans to raise interest rates again in the coming months. The notes revealed near unanimous support for recent hikes, with only a few dissenting in favor of more aggressive measures. Earlier this month, the Fed announced that it would raise interest rates by 25 basis points—ignoring economic experts and cutting against new analysis from the Congressional Budget Office who have predicted that doing so could cost millions of jobs and abruptly stop economic growth.
The Fed’s continued misguided strategy echoes previous claims that economic slowdown is a necessary evil for full recovery. Still, government watchdog Accountable.US argues that millions of Americans could lose their jobs and suffer undo financial strain as the Fed fails to address the true driver of inflation: unfettered corporate greed.
“It is difficult to understand why the Fed remains locked in a strategy that is failing too many Americans. For nearly a year, they have ignored concerns that excessive and aggressive interest rate hikes will harm the economy and bring a recession to our door,” said Accountable.Us’ Director Of Economic Security And Corporate Power, Liz Zelnick. “One look at recent corporate earnings reports from various sectors tells us everything we need to know: this inflationary crisis is being driven by greedy corporations taking advantage of working families. It’s time for the Fed to change course and put the needs of Americans over the demands of Wall Street.”
