Powell Urges Patience on Rates Amid Energy Price Spike
Fed Chair Jerome Powell told Harvard students the Fed will look past oil-driven price shocks and is not inclined to raise interest rates now, while monitoring inflation expectations and political scrutiny over his succession.
Breitbart NewsBreitbart Business Digest: Powell Shoots Down the Oil-Inflationista Rate Hikers
PBS NewsHourWATCH: Fed Chair Powell addresses energy price spikes, challenging job market in Harvard conversation
New York PostFed’s Powell says no need to hike interest rates now — officials should look past higher energy prices
CNBCPowell sees inflation outlook in check, no need to hike rates because of oil shock
Overview
Federal Reserve Chair Jerome Powell said Monday at Harvard University that policymakers should look past rising energy prices and that there is no need to hike interest rates now.
Powell made the remarks amid energy price spikes tied to the Iran war and as the U.S. average gas price rose to $3.99 per gallon, according to AAA.
President Donald Trump has nominated former Governor Kevin Warsh to succeed Powell, but Sen. Thom Tillis has vowed to block the nomination while U.S. Attorney Jeanine Pirro pursues an investigation and has appealed a judge's decision blocking her subpoenas.
Powell said the current target range of 3.5% to 3.75% is "a good place," the five-year breakeven inflation rate was about 2.56%, and he flagged concerns in the roughly $3 trillion private credit sector.
Powell's term ends in mid-May, and he said officials will monitor inflation expectations closely and be "mindful of that broader context" when deciding future policy.
Analysis
Center-leaning sources present this reporting as essentially neutral, focusing on Powell's measured statements and market data while also noting the Warsh nomination and related investigation. Language remains descriptive, quotes are clearly attributed, and coverage balances policy context, market indicators, and potential dissent without using loaded terms or prioritizing one political narrative.