Toomey Statement on Fed Taper Announcement

Washington, D.C. – U.S. Senate Banking Committee Ranking Member Pat Toomey (R-Pa.) released the following statement after the Federal Reserve announced it would begin tapering its asset purchases.

“Today’s decision by the Fed to begin tapering is welcome but long overdue. As I warned this spring, the Fed’s overly accommodative monetary policy risked leaving it behind the curve if inflation persisted. And as any American family can tell you, inflation is real, and it’s worse than expected.

“With inflation at a 30-year high, it’s hard to understand why the Fed intends to keep nominal interest rates near zero and real interest rates negative. I hope they will take this inflation threat seriously and move quickly to begin normalizing rates.”

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