Russia’s Ukraine incursion could complicate the Federal Reserve’s interest rate decisions


Federal Reserve Chair Jerome Powell testifies before a Senate Banking Committee hearing on the CARES Act Oversight at the Senate Office Building on Tuesday, Nov. 30, 2021 in Washington, DC.

Kent Nishimura | Los Angeles Times | Getty Images

The outlook for Federal Reserve rate hikes after March may become less clear if Russia continues its incursion into Ukraine.

That’s because the tensions have pushed up the price of oil and gasoline, a major purchase for many Americans, and it’s the U.S. consumer that drives about 70% of the U.S. economy.

The prices of oil and other commodities have been rising on concerns that Russia’s troop movements into Ukraine and sanctions from the U.S. and allies


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