March 2, 2022

Federal Reserve Chair Jay Powell said Wednesday that he expects the central bank to raise interest rates by a quarter-point this month, despite the economic uncertainty generated by the Russian invasion of Ukraine. “I do think it will be appropriate to raise our target range for the federal funds rate at the March meeting in a couple of weeks, and I’m inclined to propose and support a 25-basis-point rate hike,” Powell told the House Financial Services Committee.