AFL-CIO Leader: Fed Rate Cut Relieves Working People

Federal Reserve Cuts Interest Rates; AFL-CIO's Shuler Responds

Following the Federal Reserve Board of Governors’ decision to reduce interest rates by 0.5%, AFL-CIO President Liz Shuler issued the following statement:

The Federal Reserve's long-overdue rate cut offers relief to working people who struggled with high interest rates on credit cards and mortgages amidst soaring corporate profits. Over the past year, inflation has steadily declined—partly due to Biden–Harris economic policies lowering food, energy, gas, and prescription costs—yet the Fed delayed action.

Today's rate cut is a key step towards affordability for working people, aiding in the purchase of homes and cars, but families continue to struggle with high monthly bills. Interest rates remain too high, and AFL-CIO research indicates that CEOs raised consumer prices last year even though their raw material costs decreased.

As President, Kamala Harris will build on today's progress with bold measures to lower costs, combat corporate greed, and support worker organizing for higher pay, aiming to create an economy that benefits everyone. The AFL-CIO is dedicated to electing Vice President Harris and Governor Tim Walz, who are committed to supporting working families.

Contact: Prerna Jagadeesh, 202-637-5018