(Brendan Smialowski/Pool via AP, File)
By CHRISTOPHER RUGABER AP Economics Writer
WASHINGTON (AP) — Federal Reserve Chair Jerome Powell made clear that the Fed will begin raising interest rates this month in a high-stakes effort to restrain surging inflation. In prepared testimony to a congressional committee, Powell cautioned that the economic consequences of Russia’s invasion of Ukraine are “highly uncertain.” He said the Fed will “need to be nimble” in responding to unexpected changes resulting from the war or the far-reaching sanctions that the United States and Europe have imposed in response. The Fed is widely expected to raise its benchmark short-term interest rate several times this year beginning with its March 15-16 meeting.