Powell expects a quarter-point Fed rate hike this month
A pumping unit sucks oil from the ground near Greensburg, Kan. on March 6, 2012. The International Energy Agency says all 31 member countries have agreed to release 60 million barrels of oil from their strategic reserves “to send a strong message to oil markets” that there will be “no shortfall in supplies” as a result of Russia’s invasion of Ukraine. The IEA board made the decision Tuesday, march 1, 2022 at an extraordinary meeting of energy ministers chaired by U.S. Energy Secretary Jennifer Granholm. (AP Photo/Charlie Riedel, File)
By CHRISTOPHER RUGABER
AP Economics Writer
WASHINGTON — Chair Jerome Powell said Wednesday that he supports a traditional quarter-point increase in the Federal Reserve's benchmark short-term interest rate when the Fed meets later this month, rather than a larger increase that some of its policymakers have proposed....
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