Federal Reserve chairman Jerome Powell still expects to see interest rate hikes starting in March, but the Fed chief further stressed that the central bank will "need to be nimble." In remarks prepared for members of U.S. Congress, Powell discussed the Russian invasion of Ukraine, noting that the "implications for the U.S. economy are highly uncertain" and the Fed "will be monitoring the situation closely."

US Central Bank Plans to Make 'Appropriate Monetary Policy' in This Uncertain Environment

The warfare in Ukraine has added a touch of uncertainty into the air as far as the global economy is concerned. This week Federal Reserve Chairman Jerome Powell talked about the outlook of the U.S. economy and the "tremendous hardship" Ukrainian citizens face. However, despite the inconstancy, Powell expects to see the benchmark bank rate go up by a number of quarter-point percentage increases.