The Federal Reserve chairman said the effects of the invasion in Ukraine remain 'highly uncertain.'
at more than $100 per barrel. But the full impact such actions will have on American wallets will take time to emerge.
"The price of oil depends on events that haven't occurred yet. It really depends on where this goes going forward. We have seen prices move up, including in just the past couple of days. And they've moved up quite substantially since if you go back three months before this incident kind of began, prices are up quite a bit," said Powell."The effects are going to be passed through into gas prices, to lower economic activity and into inflation – headline inflation.
Powell acknowledged that there may be unintended, unexpected effects from the sanctions and other actions against Russia, but would not offer specifics. He noted the U.S. does not have large interactions with the Russian economy, so any impact would be indirect., some Republican lawmakers have called on the Biden administration to increase its own energy production capacity.
Australia Latest News, Australia Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Powell tells Congress that Fed will raise rates this monthWASHINGTON (AP) — Chair Jerome Powell said Wednesday that he supports a traditional quarter-point increase in the Federal Reserve’s benchmark short-term interest rate when the Fed meets…
Read more »
Fed aims to raise interest rates this month, Chairman Powell saysChairman Jerome Powell said the Fed will “need to be nimble” in responding to changes resulting from the Russian invasion of Ukraine and sanctions being imposed by the U.S. and Europe.
Read more »
Powell Says Fed Is on Track to Raise Rates in Two WeeksThe Fed chairman said it was too soon to tell how Russia’s invasion of Ukraine and its repercussions would influence the U.S. economy, but his remarks suggested growing urgency to tighten policy.
Read more »
Fed's Powell to propose 25 bps rate increase at March meetingFederal Reserve Chairman Jerome Powell told Congress on Wednesday that he plans on proposing a 25 basis point rate increase at the central bank's March meeting.
Read more »
Fed's Powell backs quarter point March rate hike; open to bigger moves laterFederal Reserve Chair Jerome Powell, balancing high U.S. inflation against the complex new risks of a European land war, said Wednesday the central bank would begin “carefully” raising interest rates at its upcoming March meeting but be ready to move more aggressively if inflation does not cool as quickly as expected.
Read more »
Oil Tops $110, Stocks Move Higher as Investors Eye UkraineStock indexes rose and oil prices jumped, as Russia pounded Ukrainian cities and investors evaluated testimony from Federal Reserve Chairman Jerome Powell.
Read more »