Washington, D.C. – Ways and Means Committee Chairman Jason Smith (MO-08) issued the following statement after the release of the July 2025 reading of the Federal Reserve’s preferred inflation measure, the Personal Consumption Expenditure (PCE) price index:

“This latest inflation report is further evidence that President Trump is right and the Federal Reserve must start cutting interest rates. America’s economy is booming because of the successful economic agenda pursued by President Trump and Congressional Republicans – one that is centered on promoting our nation’s small businesses and working families. The Fed’s persistently high interest rates are unjustified and only harming American job creators trying to expand and hire new workers and families hoping to buy a home. The Federal Reserve needs to wake up and realize that President Biden’s nine percent inflation is a thing of the past.”