U.S. Fed on track to lift key interest rate in March meeting: Powell

Federal Reserve Chairman Jerome Powell said Wednesday that the U.S. central bank is on track to raise its key interest rate from near-zero later this month, despite acknowledging the high uncertainty stemming from Russia's invasion of Ukraine."With inflation well above 2 percent and a strong labor market, we expect it will be appropriate to raise the target range for the federal funds rate at our meeting later this month," Powell said in his testimony to the House of Representatives Financial Services Committee.But he noted that the near-term effects on the U.S. economy of Russia's attack o…READ FULL ARTICLE