URGENT: Fed chief signals interest-rate hike in March meeting

© Kyodo News

Federal Reserve Chairman Jerome Powell on Wednesday signaled that the U.S. central bank will decide on an interest-rate hike in its policy meeting in mid-March.

"We expect it will be appropriate to raise the target range for the federal funds rate at our meeting later this month," Powell said in prepared remarks in his testimony to the House of Representatives Financial Services Committee.

He also said the impact on the U.S. economy from Russia's attack on Ukraine is "highly uncertain" and the Fed will be "monitoring the situation closely."