Federal Reserve Chairman Jerome Powell said that Russia’s continued invasion of Ukraine will drive oil prices up and that the central bank stands prepared to deal with the fallout.
Powell, a Republican who was recently renominated by President Joe Biden to lead the Fed, said in testimony before Congress on Wednesday and Thursday that energy prices are likely to rise, at least briefly, hurting households and business — but that the central bank will ensure that the spikes will not translate into even higher inflation.
He explained that the key question for those worried about the bump in prices, which will affect headline inflation, is the sticking power of those higher prices and how long they will linger — a major unknown, given the uncertainty surrounding the war and surrounding Russian leader Vladimir Putin’s appetite to escalate the conflict.
But despite the Fed likely not being so aggressive right out of the gate, during his testimony, Powell said that the central bank is prepared to react and use its tools to stave off inflation across the board should energy prices drive up inflation more than anticipated.
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