Malliotakis Statement on Elevated Inflation And Federal Reserve's Monetary Policy

(WASHINGTON, DC) - Congresswoman Nicole Malliotakis (NY-11), a member of the House Committee on Ways and Means, released the following statement on today's Consumer Price Index report:

"Month-to-month inflation increased in February and is still up 6% over last year, as necessities like shelter, food, and electricity remain elevated. The fact remains that inflation continues to outpace wages and is far from the Federal Reserve’s 2% goal. As I brought up with Secretary Yellen last week, the Federal Reserve increasing interest rates to lower inflation while this administration simultaneously continues to print and spend massive amounts of money is like pouring water and gasoline on a fire at once. In addition to bad management and neglectful state regulators, the rapidly increasing interest rates played a role in Silicon Valley Bank's failure. This should cause the Federal Reserve and Biden Administration to pause and review its monetary policy."