Federal Reserve Board Raises Interest Rates for The Sixth Time This Year as Inflation Soars

November 2, 2022

NAW urges the government to rein in out-of-control spending

Washington, DC – The National Association of Wholesaler-Distributors (NAW), which is the voice of the 7.4 trillion-dollar wholesale distribution industry, and employs more than 5 million US workers, issued the following statement today in response to the Federal Reserve’s announcement that it is once again raising interest rates by 75 basis points to curb inflation.  

“Unprecedented spending by the federal government has set us on a path of economic uncertainty,” said NAW CEO, Eric Hoplin. “The Federal Reserve Board has raised interest rates for the sixth consecutive time this year, which may lead to an overcorrection that will send the US economy tumbling into a complicated recession. Wholesaler-distributors and their employees are being hit with rising food and energy prices, potential labor strikes, workforce shortages, supply chain challenges, and increased costs.  

As consumer demand outpaces supply, and our industry works to fully recover from the global pandemic, NAW urges federal lawmakers to rein in out-of-control spending and avoid any potential legislation that will only make matters worse. Americans are having to tighten their finances and cut back on unnecessary spending during these difficult economic times. Perhaps Washington should take note and do the same,” concluded NAW CEO Eric Hoplin

NAW is one of America’s leading trade associations, representing the $7.4 trillion wholesale  distribution industry. Founded in 1946, NAW is comprised of national, regional, and state  

employers of all sizes, industry trade associations, partners, and stakeholders spanning all sectors of distribution. Our industry employs more than 5 million workers throughout the United States and accounts for 1/3 of the U.S. GDP. There are 35,000 wholesale distribution companies that operate nearly 150,000 places of business across North America, including all 50 states.  

NAW’s mission is to deliver world-class programs and services, designed to help the most dynamic companies in wholesale distribution succeed. Our programming is tailored for the CEOs, senior executives, and rising leaders at our member companies and associations. Members engage with NAW through our offerings in Thought Leadership, Networking, Executive Education, Benchmarking/Research, and Shared Resourcing. Partnerships, Government Relations, and Public Affairs.