Federal Reserve Chair Jerome Powell warned Thursday that Russia’s invasion of Ukraine, which has already driven up oil prices, will likely further magnify the high inflation that has engulfed the U.S. economy.
“Commodity prices have moved up – energy prices, in particular,” Powell said when asked about the economic consequences of Russia’s invasion of Ukraine. “That’s going to work its way through the U.S. economy. We’re going to see upward pressure on inflation, at least for a while.” Sen. Richard Shelby, an Alabama Republican, urged Powell to do “what it takes” to control inflation. He praised Paul Volcker, who led the Fed in the early 1980s and who sharply increased the Fed’s benchmark short-term rate to choke off the double-digit inflation of the 1970s. Volcker’s actions also led to a deep recession in 1981-82.
But Powell stressed his belief that the Fed can bring down inflation without triggering a recession. The economy grew last year at the fastest pace since the 1980s, the Fed chair noted, the unemployment rate is at a low 4 per cent and hourly pay is rising steadily, before adjusting for inflation.
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