The chair of the Federal Reserve says he will recommend raising a key interest rate by a quarter of a percent when the Fed meets later this month. Jerome Powell told the House Financial Services Committee the Fed is prepared to take even more aggressive action if Russia’s invasion of Ukraine causes more turmoil in the U.S. economy, or if the inflation rate spikes even higher due to supply chain problems.

Jerome Powell: “These supply disruptions have been larger and longer-lasting than anticipated, exacerbated by waves of the virus, and price increases are now spreading to a broader range of goods and services.”