US Central Bank President Jerome Powell said on Thursday it was “too early” to say whether Russia’s war in Ukraine would change the institution’s interest rate policy.
It is “too early to tell,” he said during a hearing before the US Senate.
He recalled that before the invasion, the Federal Reserve (Fed) planned to raise its rates as early as March and anticipated “a series of hikes”.
“It is always the case” for the moment, he added while calling for caution as he did on Wednesday before the House of Representatives.
“I think right now, in this very sensitive time where the uncertainty is very high and where we really don’t know which direction things are going to go, we have to tread carefully,” he also repeated. .
However, he once again noted that it was “appropriate” to go ahead with the monetary policy plan given the record inflation in the United States.
“Our goal is always to promote financial stability and macroeconomic stability,” he concluded after two and a half hours of hearing.