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Fed’s Powell says still appropriate to raise interest rates by 25 bps in March -Breaking

by Mike Robinson

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© Reuters. FILE PHOTO. Jerome Powell, Federal Reserve Board Chairman, speaks at the re-nominations hearing held by Senate Banking, Housing and Urban Affairs Committee, Capitol Hill, Washington, U.S.A, 11 January 2022. Brendan Smialowski/Pool via REUTERS

NEW YORK, (Reuters) – Federal Reserve Chair Jerome Powell indicated that he was inclined to support a 25-basis point rate hike at March’s policy meeting. However, he said that the central bank would be prepared to act more aggressively later if inflation continues to rise as anticipated.

“I’m inclined to propose and support a 25 basis point rate hike,” Powell testified before Congress on Wednesday about the Fed’s upcoming March meeting. Powell said that the Fed is ready to “move more aggressively” by increasing the federal funds rates by 25 or more basis points at any of its meetings, if inflation doesn’t fall as anticipated later in the year.

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