Fed's Powell backs quarter point March rate hike; open to bigger moves later

Federal Reserve chief Jerome Powell testifies before a U.S. House Financial Services Committee hearing on Capitol Hill in Washington, U.S., March 2, 2022 - Reuters

WASHINGTON: Federal 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.

Powell called the Russian invasion of Ukraine "a game changer" that could have unpredictable consequences.