Members of Congress and the entire financial community were holding their breath today as they waited for a statement from the Federal Open Market Committee (FOMC).
U.S. Congressman Kevin Brady (R-TX), the top House Republican on the Joint Economic Committee, was one of those leaders eager to hear what the Fed had to say. We were able to get the following statement upon today’s Statement from the Federal Open Market Committee from Brady, which indicates the FOMC is moving closer to normalizing monetary policy.
“I welcome the change in language in today’s statement suggesting that the Fed may begin normalizing monetary policy later this year. Monetary policy has long since accomplished all that it can to boost growth. Further delay in normalizing monetary policy risks future price inflation, unsustainable asset price bubbles, and the inevitable recession that would follow,” Brady said.
“To create a healthier economy, America needs a Growth Agenda. The Fed can help by maintaining a sound dollar, but Congress, not the Fed, must fix the broken tax code, right-size the federal government, ensure more balanced regulation, and approve effective, enforceable and fair trade agreements,” Brady concluded.