The U.S. central bank must move"expeditiously" to bring too-high inflation to heel, Federal Reserve Chair Jerome Powell said today, adding that it could use bigger-than-usual interest rate hikes if needed to do so.
Investors responded to Powell's remarks by pricing in a better-than-even chance of a half-percentage-point interest rate hike at the Fed's policy meeting in May. U.S. stocks extended earlier losses. Adding to the pressure on prices, Russia's war in Ukraine is pushing up the cost of oil, threatening to move inflation even higher. The United States, now the world's biggest oil producer, is better able to withstand an oil shock now than in the 1970s, Powell noted.
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