For Immediate Release: March 18, 2015

Contact: Ricardo A. Ramírez, rramirez@populardemocracy.org, 202-464-7376

Response to FOMC Statement

Following today’s statement by the Federal Open Market Committee (FOMC) of the Federal reserve, Ady Barkan, Director of the Fed Up campaign, released the following statement: 

“Today the Federal Reserve reduced its estimate of the ‘natural’ rate of unemployment, down to 5.0% to 5.2%, from a previous 5.3% to 5.5%. This is a sign of progress, but it is not enough. The Fed should recognize that we are nowhere near maximum employment, and should set ambitious goals for the American economy. With more than 16 million Americans un- and underemployed, nearly nonexistent wage growth, and communities of color lagging so starkly behind, the Federal Reserve should target higher wages and full employment.

“Slowing down the economy at any time in 2015 would be a mistake. The American economy still needs millions of good new jobs and wages that rise with productivity, not hand-wringing about inflation that is not materializing.”