Washington, DC (December 19, 2018) – The Job Creators Network (JCN) today issued the following statement on behalf of President and CEO Alfredo Ortiz in response to the Federal Reserve Board’s decision to raise the interest rate for the fourth time this year.”
“We are disappointed. The Fed’s decision to raise rates again this year, despite all the data, is unfortunate. More worrisome is that they seem to be committed to additional increases next year regardless of what’s happening in the real economy.
“The stock market and the housing market have been in retreat for weeks. The global economy is slowing down. If the Fed stays on its current path, it will be more expensive for small businesses to borrow money for new equipment, new vehicles, new inventory, capital and capital upgrades.
“Just last week the Commerce Department confirmed that there was no threat of inflation. We’ve had solid GDP growth and high optimism all year, and I’m afraid the Fed may be jeopardizing those gains. This will make it harder for investors on Main Street and Wall Street to raise the capital they need to keep growing.”
Ortiz has been warning for weeks that the Fed has been too aggressive in raising rates this year. See his latest editorial here. For more information about the Job Creators Network, please visit www.jobcreatorsnetwork.com.