US Rep. Brad Sherman (D-California) told Federal Reserve Chair Janet Yellen on Wednesday the Fed should wait until next May to raise interest rates because of “God’s plan.”
Yellen, who appeared on Capitol Hill Wednesday to discuss regulation in the banking industry, was eventually asked about the Fed’s plans for policy.
Yellen’s emphasis that December was a “live” meeting — meaning the Fed could decide to raise interest rates for the first time since July 2006 — was sending stocks lower and bond yields higher on Wednesday.
Sherman, however, seems to be stridently against any plans for the Fed to raise rates soon. But don’t take it from him.
Sherman told Yellen (emphasis added):
“As I argued then back in the summer, God’s plan is not for things to rise in the autumn. As a matter of fact that’s why we call it fall. Nor is it God’s plan for things to rise in the winter, through the snow. God’s plan is that things rise in the spring. And so if you want to be good with the Almighty, you may want to delay until May.”
Business Insider Emails & Alerts
Site highlights each day to your inbox.