Since then, the Ukraine war has driven oil and gasoline prices higher, further clogged the nation’s supply chains and intensified a stock market sell-off.
But Powell said in his written testimony, “The near-term effects on the U.S. economy of the invasion of Ukraine, the ongoing war, the sanctions, and of events to come, remain highly uncertain…We will need to be nimble and responding to incoming data and the evolving outlook.”
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