After Rate Hike, Fed Remains Out of Touch

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For Immediate Release December 14, 2016

CONTACT: 
Jen Retallick, Hamilton Strategies, 610.584.1096, ext. 100, Media@HamiltonStrategies.com, or Deborah Hamilton, 215.815.7716 or 610.584.1096, ext. 102

After Rate Hike, Fed Remains Out of Touch

Financial Expert Dan Celia Says Announcement Proves the Federal Reserve is Behind the Curve and Out of Touch with Reality

PHILADELPHIA, Pa.—The Federal Reserve raised the key interest rate today for the first time in a year and just the second time since the financial crisis of 2008, and signaled that rates could possibly rise three more times next year.

The unanimous and modest increase was announced at a session of the Federal Open Market Committee, according to the New York Times. The Fed’s benchmark interest rate increased by a quarter point, from a range of 0.25 to 0.5 percent to a range of 0.5 to 0.75 percent. “It reflects Fed officials’ confidence in the strengthen of the U.S. economy and what officials see as budding signs of higher inflation,” the New York Times reported.

Financial expert and nationally syndicated radio and television host Dan Celia says comments that came with today’s announcement show how irrelevant the Federal Reserve has become.

“America’s central bank is nudging its benchmark interest rate higher, announcing a move from the current 0.25 to 0.5 percent to a range of 0.5 and 0.75 percent,” Celia said. “Analysts had widely expected the hike of a quarter of a percentage point, and with a low unemployment rate and signs of growth among workers’ wages, more boosts could follow in 2017. The Federal Reserve said today that its officials expect ‘only gradual increases in the federal funds rate.’

“The Federal Reserve’s interest rate hike and indication that three additional rates hikes could come within the year is certainly keeping with the notion that inflation must remain in check,” Celia added. “Keep in mind that last December when the Fed raised rates, it had anticipated four more rate increases over 2016, yet we saw the first one of the year today. I believe Janet Yellen’s comments in reference to unemployment are extremely out of touch with the reality of the numbers. She obviously believes that a 1978-level labor participation rate is as a result of millions of people playing golf and sitting on the beach enjoying their retirement. Also, she hasn’t given any consideration to one of the largest part-time labor forces in the history of the nation, with an hours-per-week number that has not been over 40 for the past several years, not to mention the low productivity rates and industrial output. Her statements today only confirm how irrelevant, behind the curve and out of touch with reality the Fed remains.”

Celia leads Financial Issues Stewardship Ministries (FISM, www.financialissues.org) and hosts the daily, syndicated program “Financial Issues,” which recently began streaming on its own YouTube Channel, Financial Issues with Dan Celia. The ministry also recently introduced the new Financial Issues app; learn more here. Besides more than 600 radio stations, “Financial Issues” is seen on the National Religious Broadcasters (NRB) television network, reaching 45 million households, BizTV, which reaches millions more in major markets, and Dove-TV in the Pacific Northwest. To view Celia’s recent show clips, click here.

Daily, Celia addresses important financial headlines, takes calls from around the country, and focuses on current economic trends and critical mass in corporate America. He accurately predicts rises and falls in the U.S. and global economies. He also hones in on godly financial stewardship when talking to thousands who want to honor God with their finances.

A financial expert and author backed by decades of financial experience, Celia is personally in touch with thousands of people each week from across the country. He has worked for 35 years as an entrepreneur and businessman, and has developed a biblically responsible system of financial management with great success. Celia started his radio program in 1997 and has interviewed newsmakers, experts, lawmakers and presidential candidates. He speaks at conferences, town hall meetings and investment conferences around the country, is the author of six books and publishes a weekly newsletter.

For more on Financial Issues Stewardship Ministries, visit its web site at www.financialissues.org, its Facebook page, the YouTube channel, Financial Issues with Dan Celia or its Twitter feed, @financialissues.

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To interview Dan Celia of Financial Issues Stewardship Ministries, contact Jen Retallick, 610-584-1096, ext. 100, Media@HamiltonStrategies.com, or Deborah Hamilton at 215-815-7716 or 610-584-1096, ext. 102.

Dan Celia is president and CEO of Financial Issues Stewardship Ministries and host of the national syndicated radio talk program “Financial Issues,” heard daily on more than 600 stations across the country and in millions of homes through NRB-TV, BIZ-TV and others. FISM believes that only revival will return America to its Judeo-Christian heritage and biblical values.