Russia’s invasion of Ukraine has injected new uncertainty into the economic outlook but is unlikely to derail the Federal Reserve’s plans to begin raising interest rates from March, as it seeks to combat the highest inflation in 40 years.
Episodes of acute geopolitical tension have in the past prompted the US central bank to postpone making major policy decisions to avoid adding more volatility to a tumultuous situation.
But one of the tightest labour markets in decades and fears that the conflict will worsen inflation is likely to motivate the Fed to plough ahead in roughly two weeks with the first interest rate increase since 2018.
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