On Tuesday’s broadcast of MSNBC’s “Andrea Mitchell Reports,” Rep. Brendan Boyle (D-PA) stated that there is a “banking crisis” that we still do not know the true extent of.
While discussing a letter from Democrats in Congress urging the Federal Reserve to pause interest rate hikes, Boyle stated, “I respect the independence of the Fed. They are obviously going to independently make that decision. But it doesn’t preclude me or any other member of Congress or any other citizen from speaking up and pointing out that the Fed has raised rates so steeply, so quickly that that is having a profound effect on our economy. By their own measures, they are going to cause unemployment as a result of what they’re doing, an increase in unemployment, for which they have no real response. So, I believe a pause here is appropriate. We still, as we’ve been reminded today, don’t know the full extent of the banking crisis. So, I think a pause would be a wise decision. We do not want to have a mistake of going so extreme in the rate hikes that we end up bringing about a recession that is completely unnecessary.”
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