Feenstra Issues Statement on Unprecedented Rate Increase by the Federal Reserve

Today, U.S. Rep. Randy Feenstra (R-Hull) issued the following statement after the Federal Reserve increased interest rates by 75 basis points:

“Today’s unprecedented decision by the Federal Reserve to raise interest rates again is the unfortunate consequence of President Biden’s wasteful spending agenda that has sent grocery and gas prices to 40-year highs and crushed family budgets. This move – which should have occurred months ago – threatens to fuel the ongoing recession American families are enduring. Even worse, as interest rates increase, so do the payments on our $30 trillion debt, colliding to form a dangerous, irreversible debt spiral. As a former professor of economics, this rate hike is yet another example of why I give the Biden-Pelosi economic agenda a failing grade.”