Powell says rate hike is still coming, but notes 'highly uncertain' impact of Ukraine invasion
CNN
The time of ultra-low interest rates has come to an end. That's what Federal Reserve Chair Pro Tempore Jerome Powell told lawmakers this week as part of his semiannual testimony.
"Our monetary policy has been adapting to the evolving economic environment," Powell told the House Committee on Financial Services Wednesday. "We have phased out our net asset purchases. With inflation well above 2% and a strong labor market, we expect it will be appropriate to raise the target range for the federal funds rate at our meeting later this month."
This is in line with the Fed's previous guidance. At the January policy meeting, Powell first hinted at a potential interest rate increase in the spring.
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