Press Releases

The Fed Continues to Spike the Punch Bowl

Chairman Brady reacts to FOMC Statement

Aug 01 2013

Rep. Kevin Brady (R-TX), Chairman of the Joint Economic Committee, today released the following statement in reaction to the Federal Open Market Committee (FOMC) decision to keep in place its low interest rate policy and program of purchasing U.S. Treasury securities and residential mortgage-backed securities.

“The decision by the Fed to continue to ‘spike the punch bowl’ with its extraordinarily accommodative policy adds an exclamation point to this morning’s disappointing report from BEA that our economy continues moving at ‘near stall’ speed. Four years after the recession ended, even with massive monetary stimulus, our economy is failing to grow at a rate sufficient to create badly needed jobs in the private sector. If this recovery had merely been average, real GDP would be $1.375 trillion higher.”

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