Shawn Sebastian, Policy Analyst at the Center for Popular Democracy, released the following statement on behalf of the Fed Up campaign: 

“The Fed Up campaign has been saying for more than a year that the economy is too weak to warrant interest rate hikes. Although the stock market was performing well and Wall Street was reaping major profits, the real economy has seen stagnant wages and insufficient job growth.

“The past week’s events vindicate our argument. The economy is too weak, and the performance of the stock market is not a legitimate basis for making interest rate decisions. Just as the market inflated itself over previous months, and witnessed a “correction” recently, it will likely continue to fluctuate in the months ahead. Fed officials who pointed to an inflated stock market as a justification to raise interest rates have been proven wrong: the health of the economy should be measured by the labor market, not the stock market, and the labor market is far from recovered.

“The Fed must continue focusing on the fundamentals: building a labor market that works for all communities, and that features rising wages and good jobs for everybody who wants to work. Creating genuine full employment is the Fed’s mandate, and the past few days vindicate the message that the Fed Up campaign’s worker leaders and economists have said all along: this economy is far too weak for the Fed to intentionally slow it down.”

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The Center for Popular Democracy promotes equity, opportunity, and a dynamic democracy in partnership with innovative base-building organizations, organizing networks and alliances, and progressive unions across the country. CPD builds the strength and capacity of democratic organizations to envision and advance a pro-worker, pro-immigrant, racial justice agenda.