Ready for more rate hikes, says US Federal Reserve's Jerome Powell

Russia's attack has whiplashed financial markets and sent energy and commodity prices surging, with West Texas Intermediate crude hovering around $110 a barrel.

Federal Reserve Chair Jerome Powell reaffirmed the US central bank is on track to raise interest rates this month and commence a series of hikes to curb the highest inflation in decades, though Russia’s invasion of Ukraine means it will move “carefully.” 

“I would be recommending and supporting a one quarter of 1 per cent increase” at the March meeting, he told the Senate Banking Committee on Thursday, reiterating comments made Wednesday during testimony to a House panel. “We are prepared to raise by more than that” at one or more meetings if inflation doesn’t come down, he added, noting that