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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