The Progressive


A project of Common Dreams

For Immediate Release

Groundwork’s Dr. Rakeen Mabud Calls on Fed to Permanently Halt Rate Hikes

Chair Powell is expected to pause his year-long rate hiking campaign during today’s Federal Open Market Committee (FOMC) meeting. Groundwork Collaborative’s Chief Economist Rakeen Mabud released the following statement:

“Inflation is down and the job market remains strong. We never had to choose between lower prices and a strong labor market.

“Today, Chair Powell must concede that you don’t have to destroy the labor market to bring down prices. That starts with not only skipping today’s rate hike, but permanently halting this dangerous rate-hiking campaign.”

The Groundwork Collaborative is dedicated to advancing a coherent and persuasive progressive economic worldview and narrative capable of delivering meaningful opportunity and prosperity for everyone. Our work is driven by a core guiding principle: We are the economy. Groundwork Collaborative envisions an economic system that produces strong, broadly shared prosperity and power for all people, not just a wealthy few.