Sinema says Fed waited too long to take action on inflation

BY Danny Shapiro | KTAR

 U.S. Sen. Kyrsten Sinema of Arizona said Thursday the Federal Reserve waited too long to take substantial action to slow high inflation.

On Wednesday, the Fed raised its key interest rate by three-quarters of a point — the largest bump since 1994 — and said more rate hikes were likely to come in the near future.

“The reality is — and I think others share my opinion here — that we wish the Fed had taken some action sooner before this crisis got as bad as it is,” Sinema told KTAR News 92.3 FM’s Arizona’s Morning News.

The Biden administration in 2021 initially forecasted inflation to be a temporary problem, a stance Sinema, a Democrat, said she didn’t agree with.

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