Washington Examiner

DeSantis: Fed’s role is not to be an economic planner.

Gov. Ron DeSantis Criticizes Federal‌ Reserve for Overstepping Its Role

In a fiery⁢ speech delivered at the American Legislative Exchange Council’s annual meeting in Orlando, Florida, Gov. ⁣Ron DeSantis (R-FL) took aim at the Federal Reserve for its ‌recent decision to raise interest rates. DeSantis argued ⁤that the central bank’s⁢ job should be ‌focused solely on maintaining stable prices, rather than attempting to act as an ‍”economic ⁤central planner.”

“Their job at the Fed should simply be to maintain stable prices, not to be an economic central planner, not ⁣to worry​ about⁤ social issues or climate change or any of that stuff,”⁤ DeSantis emphasized.

DeSantis⁢ went‌ on to criticize the Federal Reserve for‌ its‍ handling of inflation, accusing them of printing too much money and downplaying the severity of the‌ issue. He stated, “They’ve⁤ dropped ⁢the⁣ ball first by printing ⁣too much [money] but then also trying to act like the inflation was transitory when it was obvious this was going to be⁣ an issue.”

Despite his criticism of⁢ the Federal Reserve, DeSantis took the opportunity to highlight Florida’s economic achievements, particularly its no-income-tax policy.⁢ He praised the state’s commitment to fostering a business-friendly environment and ⁣emphasized the⁤ positive impact it has had on Florida’s‌ economy.

Fed Raises⁤ Interest ⁤Rates in Effort to Combat Inflation

On the same day as ‌DeSantis’ speech, the ‍Federal Reserve ⁤announced a quarter-point increase in its key interest rate, bringing it ‍to the highest level in 22 years. This ⁣decision was made in‌ response to the ongoing issue⁣ of ⁢historic inflation, with the aim of increasing borrowing costs to‌ curb rising prices.

Fed Chairman Jerome Powell explained, “Given the resilience of the⁢ economy recently,⁤ they​ are no longer forecasting a recession.”

The rate hike is ‍expected to have​ a significant impact on the ‌economy, with ‍the central bank ‌projecting a slowdown in growth but‍ no longer predicting a recession. This move by the Federal Reserve marks a⁤ pivotal moment in​ the ongoing battle against inflation.

To learn more about this topic, click here to read ​the full article from⁢ The⁢ Washington Examiner.



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