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The National Association of Wholesaler-Distributors (NAW), which is the voice of the 7.4 trillion-dollar wholesale distribution industry, and employs more than 5 million US workers, issued the following statement today in response to the Federal Reserve's announcement that it is once again raising interest rates by 75 basis points to curb inflation.
"Unprecedented spending by the federal government has set us on a path of economic uncertainty," said NAW CEO Eric Hoplin. "The Federal Reserve Board has raised interest rates for the sixth consecutive time this year, which may lead to an overcorrection that will send the US economy tumbling into a complicated recession. Wholesaler-distributors and their employees are being hit with rising food and energy prices, potential labor strikes, workforce shortages, supply chain challenges, and increased costs.
"As consumer demand outpaces supply, and our industry works to fully recover from the global pandemic, NAW urges federal lawmakers to rein in out-of-control spending and avoid any potential legislation that will only make matters worse. Americans are having to tighten their finances and cut back on unnecessary spending during these difficult economic times. Perhaps Washington should take note and do the same," Hoplin concluded.