Federal Reserve Chair Jerome Powell made clear that the Fed will begin raising interest rates in an effort to restrain surging inflation. In prepared testimony, Powell said the financial consequences of Russia's invasion of Ukraine are uncertain.
FILE - Federal Reserve Board Chairman Jerome Powell speaks during his re-nominations hearing before the Senate Banking, Housing and Urban Affairs Committee, Tuesday, Jan. 11, 2022, on Capitol Hill in Washington. The Federal Reserve will lift its benchmark short-term interest rate at its next meeting in two weeks, Powell says in prepared testimony he will deliver to a congressional committee Wednesday, March 2.
FILE - Federal Reserve Board Chairman Jerome Powell speaks during his re-nominations hearing before the Senate Banking, Housing and Urban Affairs Committee, Tuesday, Jan. 11, 2022, on Capitol Hill in Washington. The Federal Reserve will lift its benchmark short-term interest rate at its next meeting in two weeks, Powell says in prepared testimony he will deliver to a congressional committee Wednesday, March 2.
WASHINGTON — Federal Reserve Chair Jerome Powell made clear Wednesday that the Fed will begin raising interest rates this month in a high-stakes effort to restrain surging inflation. In prepared testimony he will deliver to a congressional committee, Powell cautions that the financial consequences of Russia’s invasion of Ukraine are “highly uncertain.” He says the Fed will “need to be nimble” in responding toor the sanctions that the United States and Europe have imposed in response.
The Fed is widely expected to raise its benchmark short-term interest rate several times this year beginning with its March 15-16 meeting. In his testimony, Powell provided little additional guidance about how quickly the Fed would do so.A rate hike next month would be the first since 2018.
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