Stand by for a rate hike.
Welcome to the Know the Difference Minute.
Ultra-low interest rates are ending. Jerome Powell said as much during testimony to the House Committee on Financial Services today. 
Bond purchases, phased out. Inflation, far above 2%.  Strong labor market.  With that, Powell says he’s inclined to propose a 25-basis point federal funds rate hike at the Fed meeting this month.
Powell and others still think inflation could subside in 2022, but the Russian invasion is creating rapidly rising energy prices. Oil futures passed $110 a barrel while sanctions and a potential for a protracted and bloody war are casting a long shadow. 
When asked if Russia can sidestep sanctions with cryptocurrency, Powell said the war underscores a need for regulation.  Crypto platforms like Binance and Coinbase have been asked to block transactions by Russians currently under sanctions. 
I’m Dave Spano from Annex Wealth Management.  That is your Know the Difference Minute.