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Fed Chair Powell worked the weekend after Russia's invasion began

Economy Apr 01, 2022 04:16PM ET
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© Reuters. FILE PHOTO: Federal Reserve Chair Jerome Powell looks on as he testifies before a U.S. House Financial Services Committee hearing on Capitol Hill in Washington, U.S., March 2, 2022. REUTERS/Tom Brenner/File Photo

By Ann Saphir

(Reuters) - Federal Reserve Chair Jerome Powell worked through the weekend after Russia's Feb. 24 invasion of Ukraine, meeting with staff on both Saturday and Sunday for the first time since May 2020 when the central bank was deep into its pandemic crisis response.

Powell had two 45-minute meetings with staff on Feb. 26, including one that started at 8 p.m., and also attended an hourlong meeting at the Treasury, his monthly schedule published Friday shows.

On Feb. 27 he met with staff from 10 a.m. to 2 p.m., and then again at 8 p.m.; on the Monday, the day Treasury put sanctions on Russia's central bank and threatened more action if the war continued, Powell held another 45-minute 8 p.m. staff meeting.

Though the Fed chair calendars never detail the contents of notated meetings, the flurry of work suggests the pressure on Powell to figure out the fallout for the U.S. economy from what Russia calls a "special operation" designed to destroy its southern neighbor's military capabilities and capture what it regards as dangerous nationalists.

The invasion sent world energy prices soaring just as the Fed was getting ready to begin a round of interest rates hikes to fight 40-year-high inflation.

A few days after that weekend of work, Powell told lawmakers on Capitol Hill that the near-term effects of the invasion, the war, the sanctions, and of events to still to come "remain highly uncertain," but he signaled the Fed's rate increases would go ahead as expected.

Fed Chair Powell worked the weekend after Russia's invasion began
 

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Comments (4)
Elezabeth Thomas
Elezabeth Thomas Apr 04, 2022 9:49PM ET
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little late for numbers crunching...
Meru Pet
Meru Pet Apr 02, 2022 7:29AM ET
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good for him. Pay me as much as him and may be I'll consider it too...
Edward Smyth
Edward Smyth Apr 02, 2022 3:13AM ET
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In Panic mode on overtime a little bit late JP, don't you think? World economy overheated and there's sweet FA you can do anymore with your paper trash. War, protests, useless paper that ppl don't trust - seems like déja Vu! no? just a matter of time for JB and VP to kick it off
taylor jason
taylor jason Apr 01, 2022 5:41PM ET
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in other words jp hasn't the slightest idea what's going on. if only he started raising sooner...
Jose Cabreja
Jose Cabreja Apr 01, 2022 5:41PM ET
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J Powell n FED job is to pretend they don't know what's causing higher inflation..their market Balance sheet(9T) helps a bit..those that print $ out of thin air control everything..it's a game between world FED. Reserve Notes..the idea is to normalize higher inflation..most poor ppl don't know what inflation is..they just happy to be getting higher wages at work n "Free" govt $.
 
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