Federal Reserve Board raises interest rates as inflation soars
The National Association of Wholesaler-Distributors (NAW), which is the voice of the 7.4 trillion-dollar wholesale distribution industry, which employs more than 5 million US workers, issued the following statement today in response to the Federal Reserve Board’s announcement that it is once again raising interest rates by 75 basis points to curb inflation.
“The Federal Reserve Board is raising interest rates once again to combat rising inflation caused by increased government spending. Despite previous rate increases by the Fed this year, inflation was still 8.3% in August. Misguided laws such as the Inflation Reduction Act will actually increase inflation through 2024.
Hardworking American families and businesses feel the pinch, and many are reaching their breaking point as their reserves dry up, access to credit and credit products diminishes, interest rates skyrocket, the housing marketing slows, and the government continues to irresponsibly spend taxpayer dollars.
The increase in feckless government spending is raising rates and driving up inflation while sending the country into a recession, an energy crisis, and financial insecurity for everyday Americans – all with no accountability and no end in sight. Every day our government expects Americans to live responsibly, pay their bills, balance their checkbooks, and trust our leaders to do what is best. But those government leaders are progressively more about ‘spending and spinning,’ less about substance and stability,” concluded NAW CEO Eric Hoplin.
NAW is one of America’s leading trade associations, representing the $7.4 trillion wholesale- distribution industry. Founded in 1946, NAW is comprised of national, regional, and state employers of all sizes, industry trade associations, partners, and stakeholders spanning all sectors of distribution. Our industry employs more than 5 million workers throughout the United States and accounts for 1/3 of the U.S. GDP. There are 35,000 wholesale distribution companies that operate nearly 150,000 places of business across North America, including all 50 states.
NAW’s mission is to deliver world-class programs and services, designed to help the most dynamic companies in wholesale distribution succeed. Our programming is tailored for the CEOs, senior executives, and rising leaders at our member companies and associations. Members engage with NAW through our offerings in Thought Leadership, Networking, Executive Education, Benchmarking/Research, Shared Resourcing. Partnerships, Government Relations, and Public Affairs.