At today's virtual press conference, Federal Reserve Chair Jerome Powell said the central bank is ready to raise interest rates in March, and he didn't rule out moving at subsequent meetings to tackle the highest inflation in a generation.

"The committee is of a mind to raise the Fed funds rate at the March meeting" if conditions are there to do so, Powell said, while noting that officials have not made any decisions about the path of policy because it needs to be "nimble."

He was speaking after the Federal Open Market Committee (FOMC) concluded its two-day meeting with a statement that declared "it will soon be appropriate to raise the target range for the federal funds rate," citing inflation well above its 2 percent target and a strong job market.

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