Federal Reserve Chairman Jerome Powell said he would propose a quarter-percentage point rate increase in the central bank’s meeting in two weeks amid high inflation, strong economic demand and a tight labor market.
Before Russia’s invasion of Ukraine, Mr. Powell said he expected the central bank to continue a series of rate increases this year. While he said it was too soon to say how the war and the strict economic curbs imposed by the West against Moscow would influence the U.S. economy, he hinted at growing urgency to continue to tighten monetary policy.
