Action by the Federal Reserve on September 17, 2015
As you may have seen in news reports, the Federal Reserve’s Open Market Committee met today and released its decision not to increase rates at this time. This is a very positive outcome, and I’d like to thank those of you who attended the meeting we organized with the Federal Reserve’s Board of Governors earlier this month. Clearly, that work has been useful.
Below is a link to the statement of the Fed’s Open Market Committee. I want to call your attention to the following language in the statement—
“In determining how long to maintain this target range, the Committee will assess progress–both realized and expected–toward its objectives of maximum employment and 2 percent inflation. This assessment will take into account a wide range of information, including measures of labor market conditions, indicators of inflation pressures and inflation expectations, and readings on financial and international developments. The Committee anticipates that it will be appropriate to raise the target range for the federal funds rate when it has seen some further improvement in the labor market and is reasonably confident that inflation will move back to its 2 percent objective over the medium term. . . The Committee currently anticipates that, even after employment and inflation are near mandate-consistent levels, economic conditions may, for some time, warrant keeping the target federal funds rate below levels the Committee views as normal in the longer run.”
We should all be very proud of the work we have done together to make sure the Federal Reserve Board was aware of the realities workers are facing today in bargaining. I believe the information we have given the Federal Reserve has had a real impact.
Below is the press statement issued by AFL-CIO:
Federal Reserve Makes Right Rate Decision for Working People
In response to the Federal Reserve leaving interest rates unchanged,” AFL-CIO President Richard Trumka made the following statement:
We are pleased that the Federal Reserve has kept interest rates unchanged. We know the economic recovery still has not reached working families and even a small increase can have devastating effects on our economic stability.
The Federal Reserve is wise to not raise interest rates while inflation is running low and wages are flat. Real wages need to rise with productivity. We hope the Fed will now dedicate its time to producing economic policies that work for all and raise wages to a level that can sustain a family. An out of balance economy that exacerbates the incredible income inequality we see in this country must be fixed to strengthen our families and communities.
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