Powell Says Fed Is On Track To Raise Rates In Two Weeks

Federal Reserve Chairman Jerome Powell said he would propose a quarter-percentage point increase at the central bank’s meeting in two weeks amid high inflation, strong economic demand and a tight labor market, offering an unusually explicit preview of anticipated policy action.

Mr. Powell said Wednesday that, before Russia’s invasion of Ukraine last week, he expected the central bank would follow that initial rate rise with a series of increases this year.

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