On Monday’s broadcast of “CNN News Central,” Rep. Adam Smith responded to the tumble in the stock market by stating that the Federal Reserve needs to cut interest rates and “inflation is down pretty close to zero. And now, you have opposite pressures on the market and I think the Fed should respond and I think they will respond.”
Co-host John Berman asked, “Congressman, just one quick question about what we’re seeing in the markets right now, how do you feel when you look at these numbers drop this morning on what are now global fears about the U.S. economy?” Smith answered, “Well, I think it’s time to bring interest rates down. I think your analysis of your guests there is spot on. We’ve seen an economy that has been remarkably strong coming out of COVID. They’ve been predicting recessions for several years, they haven’t happened now. And I think the Fed’s handled that fairly well. But inflation is down pretty close to zero. And now, you have opposite pressures on the market and I think the Fed should respond and I think they will respond.