As the Federal Reserve prepares to raise interest rates later this year, Republican critics have dialed down the volume of their complaints, while Democrats are now fretting loudly about the path of monetary policy.
Janet L. Yellen, the Fed chairwoman, testified in front of the Senate Banking Committee on Thursday after her appearance before a House committee on Wednesday, and once again she was pressed by Democrats concerned that the Fed will raise rates too soon.
“I continue to be troubled by the sluggish wage growth that we have seen,” said Senator Chuck Schumer of New York. “I refuse to let the loud voices of those screaming for the Fed to act drown out the voices of the middle-class, working families who continue to wait quietly for our economic recovery to show up in their take-home pay.”
Other Democrats echoed that argument.
“It would be a mistake in my view for the Fed to shift its focus away from jobs at this critical time,” Senator Robert Menendez of New Jersey told Ms. Yellen.