While the Fed Monitors the Ukraine Situation Closely, Powell Still Expects a Series of Quarter-Point Rate Hikes – Economics Bitcoin News - BitcoinEthereumNews.com
Federal Reserve chairman Jerome Powell still expects to see interest rate hikes starting in March, but the Fed chief further stressed that the central bank will “need to be nimble.” In remarks prepared for members of U.S. Congress, Powell discussed the Russian invasion of Ukraine, noting that the “implications for the U.S. economy are highly uncertain” and the Fed “will be monitoring the situation closely.” US Central Bank Plans to Make ‘Appropriate Monetary Policy’ in This Uncertain Environment The warfare in Ukraine has added a touch of uncertainty into the air as far as the global economy is concerned. This week Federal Reserve Chairman Jerome Powell talked about the outlook of the U.S. economy and the “tremendous hardship” Ukrainian citizens face. However, despite the inconstancy, Powell expects to see the benchmark bank rate go up by a number of quarter-point percentage increases. “The implications for the U.S. economy are highly uncertain, and we will be monitoring the situation closely,” Powell said in a statement. “The near-term effects on the U.S. economy of the invasion of Ukraine, the ongoing war, the sanctions, and of events to come, remain highly uncertain,” he added. The Fed chief continued: Making appropriate monetary policy in this environment requires a