By Ann Saphir

(Reuters] – Federal Reserve chair Jerome Powell spent the weekend in Washington after Russia invaded Ukraine on Feb. 24, 2019. He met with employees Saturday and Sunday, for the first time since May 2020. The central bank was deeply involved in the response to pandemic crises.

On Feb. 26, Powell met with his staff twice in 45 minutes, one at 8 PM and another at 1:45 AM. He also attended an hour-long meeting at Treasury. His monthly schedule was published on Friday.

The 27th of February saw Powell meet with staff at 10 a.m.-2 p.m. and again at 8. On the Monday following the threat that Treasury would increase its sanctions against Russia’s central banking and put more pressure on it, Powell hosted another 45 minute 8 p.m. staff session.

Although the Fed Chair calendars don’t detail what meetings are, it is clear that Powell has been under pressure to find a solution for the U.S. from Russia’s “special operation”, which was designed to degrade its military capabilities in the south and to capture dangerous nationalists.

As the Fed prepared to increase interest rates to counter 40-year-high inflation, energy prices around the world were soaring as a result of the invasion.

After that weekend on Capitol Hill, Powell informed lawmakers that Powell believed the short-term consequences of the invasion and war were still “highly uncertain.” However, he said that the Fed will continue its rate hikes as it was expected.