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Powell says he expects March rate hike

Fed chair says FOMC is discussing agreement on shrinking balance sheet

Jerome Powell gives testimony
Jerome Powell gives testimony
Federal Reserve

Federal Reserve chair Jerome Powell told US legislators on March 2 that he and his colleagues “expect it will be appropriate” to raise rates this month.

In a response to a Republican representative’s question, Powell said he was “inclined to propose and support a 25 basis point rate hike”. Powell also signalled the Fed would begin selling assets from its $9 trillion balance sheet “after the process of raising interest rates has begun”.

If the Federal Open Market Committee does raise rates at

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