Cole Statement on Federal Reserve Interest Rate Hike

Washington, D.C.- Congressman Tom Cole (OK-04) released the following statement after the U.S. Federal Reserve announced today it is increasing the federal interest rate range by 0.75 percent. This is the largest interest rate increase since 1994.

"The Federal Reserve's attempt to cool the nation's out-of-control, 40-year high inflation is unfortunately probably several months too late. Moreover, the fact that such action is even necessary should serve as a wake-up call for the Biden Administration. Indeed, the Administration can no longer ignore this crisis and must end its wasteful spending and work with Republicans to ease the burden on the American people."

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