For Immediate Release
Communications Director & Public Information Officer
Colorado Treasurer Dave Young’s Statement on Federal Reserve Interest Rate Increase
The Federal Reserve slashed its funds rate in the early days of the pandemic to combat a shutdown that crippled our economy and sent 22 million Americans to the unemployment line. Although today Colorado’s unemployment rate is at its lowest point since February 2020, inflation remains too high, reflecting supply and demand imbalances related to the pandemic.
“With today’s federal fund rate increase, the Fed is taking an important step to help address Americans' overwhelming concerns around inflation. While we need to tackle inflation at the national level, we’re already taking action as a state to reduce costs so that people can hold on to more of their hard-earned money,” stated Colorado Treasurer Dave Young. “We’re working to get money into taxpayers’ pockets through the Colorado Cashback as quickly as possible, providing much-needed relief to Coloradans. In the Colorado Department of Treasury, we are offering The Colorado Loans to Increase Mainstreet Business Economic Recovery (CLIMBER) Loan Fund, below-market interest rate working capital loans to small businesses looking to recover from the economic crisis, becoming more competitive, driving down prices.”
For more information on CLIMBER loans, visit https://climber-colorado.com.