WASHINGTON, D.C. ― U.S. Sen. Martin Heinrich (D-N.M.), Ranking Member of the Joint Economic Committee, issued the following statement after the Federal Reserve announced its decision to raise interest rates:
“I am deeply concerned that the Federal Reserve has raised interest rates for the third time in six months. Job and wage growth have yet to return to many parts of the country. Today’s decision will make workers struggle to realize income gains.”
The Federal Reserve has raised its key interest rate by a quarter-point – 1 percent to 1.25 percent. This is the third increase in six months andthe Federal Reserve has announced plans to start gradually paring its bond holdings later this year, which could cause long-term rates to rise.