Monetary policy Powell, the governor of the US Federal Reserve, is in favor of raising interest rates in March

The CEO said in the U.S. Congress that he was ready to take aggressive action if the rate of inflation did not subside as quickly as expected.

The United States the Governor of the Fed Jerome Powell advocates a 0.25 percentage point increase in the key interest rate at the next central bank interest rate meeting in two weeks’ time.

Powell made statements on monetary policy at a U.S. Congressional committee hearing on Wednesday.

Powell told news agency Reuters that he was prepared for even more aggressive action if inflation did not subside as quickly as expected.

The CEO also said he expects the rate hike in March to be the first in a series of rate hikes this year.

Some Fed decision-makers have urged the central bank to raise its policy rate aggressively by 0.50 percentage points at its March meeting. The key interest rate is currently in the range of 0-0.25%.

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The US inflation rate accelerated to 7.5 per cent in January from 7.0 per cent in December. Inflation figures for February will be released next week less than a week before the central bank meeting.

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