Statement From Building Back Together on Federal Reserve Interest Rate Cut

FOR IMMEDIATE RELEASE: September 19, 2024
PRESS CONTACT: [email protected]

STATEMENT FROM BUILDING BACK TOGETHER ON FEDERAL RESERVE INTEREST RATE CUT

Federal Open Market Committee’s decision to cut rates shows public confidence in stability of Biden-Harris economy; decision by committee come to “in light of progress on inflation”

Washington, D.C. — Yesterday, the Federal Open Market Committee voted 11-1 to cut the federal funds rate by a half-point — the largest single cut in nearly four years. In response, Building Back Together Deputy Executive Director Javier Gamboa released the following statement:

“Yesterday’s decision by the Fed to cut the federal funds rate proves what we all know — that President Biden and Vice President Harris’ laser-focus on cutting costs and bringing down inflation has solidified market confidence in our economy.

“The committee’s decision was explicitly ‘in light of progress on inflation,’ which is now down to 2.5% from a record high of nearly 8% thanks to President Biden and Vice President Harris’ hard work. By focusing on cutting costs, investing in our communities, creating jobs and taking on big corporations through the Bipartisan Infrastructure Law, Inflation Reduction Act and CHIPS and Science Act, the Biden-Harris Administration has worked to take an economy in crisis from the COVID pandemic and grow it from the middle out and the bottom up — putting money back in people’s pockets and creating breathing room in families’ budgets.

“While this rate cut signals confidence in the Biden-Harris economic plan’s success, there is still work to be done — as President Biden said today, ‘the Fed lowering interest rates isn’t a declaration of victory; it’s a declaration of progress.’ We know that this administration is working hard to cut costs from the gas pump to the pharmacy counter, and everywhere in between. At Building Back Together, we will continue to support President Biden and Vice President Harris as they continue to create an economy where everyone has the tools and opportunities to get ahead and live the American Dream.”

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