Ponnuru: Putin makes the Fed's interest rate balancing act even harder | Opinion

Ramesh Ponnuru

Vladimir Putin has made Jerome Powell’s hard job harder.

Even before the Russian president launched his invasion of Ukraine, the Federal Reserve chairman was under pressure to fight inflation without causing a recession — a high-wire act in which this past week’s small interest rate increase was the latest move. The war is sharpening the dilemma, raising prices further while weakening the economy. The first effect tempts the Fed to move faster in hiking interest rates, the second to move slower.