Fed’s Powell: Russia’s War on Ukraine Will Worsen Inflation

Fed’s Powell: Russia’s War on Ukraine Will Worsen Inflation
Federal Reserve Chairman Jerome Powell testifies during a Senate Banking Committee hearing on Capitol Hill in Wash., on March 3, 2022. Tom Williams, Pool via AP
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WASHINGTON—Federal Reserve Chair Jerome Powell warned Thursday that Russia’s invasion of Ukraine, which has already driven up oil prices, will likely further magnify the high inflation that has engulfed the U.S. economy.

At the same time, Powell said he is committed to doing whatever it will take to slow inflation, underscoring the Fed’s high-risk challenge in raising interest rates enough to stem price increases without tipping the economy into another recession.