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Federal Reserve Chairman Jerome Powell addresses the U.S. House Committee on Financial Services on Wednesday in the first of a two-day appearance on Capitol Hill.

The central bank leader delivers prepared remarks prior to a question-and-answer session that is part of congressionally mandated semiannual testimony on the state of monetary policy.

Powell noted in his testimony that the Ukraine war is posing “highly uncertain” circumstances for the economic outlook but said the Fed is still planning to raise interest rates to combat inflation running at 40-year highs.

In addition to the rate increases, he said the Fed also intends to start reducing the size of its asset holdings. That probably will come after rate hikes begin.

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