As inflation rates continue to be at historic highs, one congressional member says the Federal Reserve is trying to play catch up.

US Senator Charles Grassley says the recent interest rate hikes by the Federal Reserve of 0.75-percent in June, which is on top of 0.9-percent total increase from the previous month, is the only way to slow down the high inflation rate. Grassley believes this issue started with the Biden Administration and its overspending, instead of listening to their own economists, such as former Secretary of Treasury Larry Summers. 

“He said a year ago in January, ‘Don’t spend more money, you already spent too much.’ So they (the Biden Administration) go ahead and spend another $2 trillion. If it hadn’t been for (US Senator Joe) Manchin and 50 (Senator) Republicans, they would’ve spent another $500,000. That would’ve made the situation worse.”   

Grassley adds the Federal Reserve is one year too late to get started re-establishing interest rates, which has further led to inflation rates reaching record highs.