AFL-CIO President Responds to Federal Interest Rate Increases

AFL-CIO President Shuler says domestic action overlooks international problems

President of the American Federation of Labor and Congress of Industrial Organizations (AFL-CIO) Liz Shuler issued a statement calling out the Federal Reserve’s decision to raise federal interest rates again. The Fed had decided to raise interest rates by 0.75 percent earlier that day, the sixth time they have raised interest rates since March of this year.

The intent behind raising the interest rates is to cause a decrease in demand, which is expected to reduce prices. But Ms. Shuler and many unions believe this action punishes consumers for the rising inflation that they have not caused.

“The Fed’s actions will not address the underlying causes of inflation — the war in Ukraine, climate change’s effect on harvests and corporate profits, and an increase in the chances that the United States enters a recession,” Ms. Shuler stated.

As the Lord Leads, Pray with Us…

  • For Director Jeffrey Freund as he manages the Office of Labor-Management Standards and interacts with labor union leaders.
  • For Chairman Powell and members of the Federal Reserve Board as they continue to attempt to address inflation by raising interest rates.
  • For Labor Secretary Marty Walsh as he discusses the negotiations between the railroad and unions.

Sources: The Hill, Yahoo News


Back to top