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On Wednesday, the Federal Reserve approved raising interest rates by 0.25 percent, despite last month’s jobs report showing weak employment growth, weak wage growth, and a large decline in potential workforce participation—data that fully supported a pause in the Fed’s interest rates increases. EPI’s Josh Bivens says the decision seems to indicate that the Fed is on autopilot to raise rates, regardless of what the data show. “[Raising interest rates] will lead quite soon to a pronounced slowdown in economic activity and job growth, and could essentially mean that we never manage to achieve genuine full employment,” says Bivens. Read the statement »
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Fed should return to setting policy by evidence.
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Last week, the Department of Labor announced it will rescind its “persuader rule,” which would have helped level the playing field for workers by letting them know who is behind the anti-union messages they see during union drives. EPI’s Marni von Wilpert writes that unions help both union and nonunion workers in countless ways—including raising wages, creating safer workplaces, and closing gender pay gaps. Ultimately, rescinding the persuader rule will make it more difficult for workers to join unions and negotiate for better treatment on the job. Once again, the Trump administration has sided with corporations and their lobbyists over working people.
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The Fiscal Times cited a recent report from EPI’s Josh Bivens, in which he makes the case that the Federal Reserve should increase the target inflation rate above the current 2 percent rate and explains that inflation does not lead to lower living standards, as is commonly thought, since inflation and wage growth move together. | The Fed’s Big Mistake: Rate Hikes Hurt US Workers »
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EPI News—The Fed’s latest move is bad for working people
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