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Protestors Urge Fed to Remember That Big Rate Hikes Can Hurt Vulnerable Workers

  • Protesters gather outside Fed Washington HQ as meeting begins
  • Officials may weigh 75 basis-point rate rise to curb inflation
Protesters during a “Stakeout for Full Employment” demonstration outside the Federal Reserve building in Washington, on June 14.
Protesters during a “Stakeout for Full Employment” demonstration outside the Federal Reserve building in Washington, on June 14.Photographer: Tom Brenner/Bloomberg

As Federal Reserve officials convened in Washington for the start of their two-day policy meeting, a group of protesters gathered outside their headquarters to remind them that the aggressive interest-rate increases they’re considering to combat inflation-- potentially including the steepest hike since 1994 -- have a human cost.

Dozens of people wearing green T-shirts declaring themselves to be “full-employment defenders” chanted and waved signs that read “We are the economy” as the policy debate got underway. Officials are likely to consider raising interest rates by 0.75 percentage point this week after bad news on inflation signaled price increases are becoming more broad-based.