Washington, D.C.—Today, Senator Martin Heinrich (D-NM), Chairman of the U.S. Congress Joint Economic Committee (JEC), released the following statement after the Bureau of Labor Statistics (BLS) reported that prices measured by the Consumer Price Index (CPI) were unchanged in May. Data also show that annual prices grew 3.3% over the last year, slightly lower than the 3.4% reading in April.
“Today’s release was welcome news that inflation is cooling, and data last week showed a stable and strong job market. Now it’s time to make sure the benefit of that is reaching American families.
“The Fed has made it clear that it isn't ready to lower interest rates. But unnecessarily high rates are holding back small business growth, hurting workers, and worsening the housing crisis. It is time for the Fed to lower interest rates before it causes irreparable harm to the U.S. economy.”
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About Chairman Martin Heinrich
U.S. Senator Martin Heinrich has served the people of New Mexico in the United States Senate since 2012. In addition to his role as Chairman of the U.S. Congress Joint Economic Committee, Heinrich also serves as Chairman of the Subcommittee on Agriculture, Rural Development, and Food and Drug Administration on the Senate Appropriations Committee, and as a member of the Senate Energy and Natural Resources Committee and the Senate Select Committee on Intelligence. Prior to his election to the U.S. Senate, Heinrich served two terms in the U.S. House of Representatives, four years as an Albuquerque City Councilor, as New Mexico’s Natural Resources Trustee, and in AmeriCorps with the U.S. Fish and Wildlife Service.
About the U.S. Congress Joint Economic Committee
The U.S. Congress Joint Economic Committee is Congress’s bicameral economic think tank. It was created when Congress passed the Employment Act of 1946. Under this Act, Congress established two advisory panels: the President's Council of Economic Advisers (CEA) and the JEC. Their primary tasks are to review economic conditions and to recommend improvements in economic policy. Chairmanship of the JEC alternates between the Senate and House every Congress.
