Russia-Ukraine crisis, Powell testimony, jobs report: What to know this week

Russia-Ukraine crisis, Powell testimony, jobs report: What to know this week

Investors will shift their focus from Putin to Powell in the week ahead when the Federal Reserve Chair testifies before lawmakers Wednesday and Thursday for clues in his remarks on how geopolitical risk could impact the central bank’s path forward on lifting interest rates. Traders will also tune in to the Labor Department’s February jobs report Friday for the latest snapshot on the U.S. job market recovery.

Russia’s foray into Ukraine and punishing sanctions on the country and President Vladimir Putin by Western allies have whipsawed markets in recent days and sent prices on oil and other commodities soaring, raising worries of even sharper inflation and other economic disruptions across the globe.

In the U.S., Moscow’s attack on Kyiv makes things more complicated for Fed policymakers already struggling to navigate how to curb soaring price levels without stunting economic growth as they ready to tighten monetary conditions.