Federal Reserve Chairman Jerome Powell told Congress on Wednesday that he plans on proposing a 25 basis point rate increase at the central bank's March meeting.
ETF Trends CEO Tom Lydon and Baird Investment strategy analyst Ross Mayfield discuss the impact of the Ukraine crisis on US stocks on 'The Claman Countdown.'told Congress on Wednesday that he plans on proposing a 25 basis point interest rate hike at the central bank's upcoming March meeting, as the U.S. economy battles soaring inflation not seen in four decades.
Federal Reserve Board Chair Jerome Powell testifies about 'monetary policy and the state of the economy' before the House Financial Services Committee on March 02, 2022 in Washington, DC.
Powell added that the central bank is "prepared to move more aggressively by raising the federal funds rate by more than 25 basis points" at future meetings.The Fed chair also said he expects to "make good progress toward an agreement on a plan to shrink the balance sheet," but that it would not be finalized this month.
Jerome Powell, chairman of the U.S. Federal Reserve, speaks during a Senate Banking, Housing, and Urban Affairs Committee confirmation hearing in Washington, D.C., U.S., on Tuesday, Jan. 11, 2022.officials have signaled for months that interest rate increases were coming, and Powell said Tuesday that before Russia invaded Ukraine he would have expected a series of increases in the near future but that the war could now have an impact on the central bank's actions.
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Traders fret about a growth slowdown as Fed Chair Powell faces a dilemma on ratesWar in Ukraine may slow down growth, but it also stokes inflation. The Federal Reserve must weigh these factors.
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Powell Says Fed Is on Track to Raise Rates in Two WeeksThe Fed chairman said it was too soon to tell how Russia’s invasion of Ukraine and its repercussions would influence the U.S. economy, but his remarks suggested growing urgency to tighten policy.
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Powell tells Congress that Fed will raise rates this monthWASHINGTON (AP) — 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 to unexpected changes resulting from the war or the sanctions that the United States and Europe have imposed in response.
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Fed aims to raise interest rates this month, Chairman Powell saysChairman Jerome Powell said the Fed will “need to be nimble” in responding to changes resulting from the Russian invasion of Ukraine and sanctions being imposed by the U.S. and Europe.
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Powell tells Congress that Fed will raise rates this monthWASHINGTON (AP) — Chair Jerome Powell said Wednesday that he supports a traditional quarter-point increase in the Federal Reserve’s benchmark short-term interest rate when the Fed meets…
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