Powell Tells Congress The Fed Will Raise Interest Rates This Month

Federal Reserve Chairman Jerome Powell said in a testimony before Congress that the Fed plans to hike rates to address rising inflation.

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 delivered to a congressional committee, Powell cautioned that the economic consequences of Russia's invasion of Ukraine are “highly uncertain.” He said the Fed will “need to be nimble” in responding to unexpected changes resulting from the war or the far-reaching sanctions that the United States and Europe have imposed in response.

Related StoryRussia, Ukraine War Could Have Wider Economic Implications