Federal Reserve Chairman Jerome Powell on Wednesday said the central bank is raising interest rates by a quarter-point to combat soaring inflation and a tight labor market. Powell said the U.S. economy is “very strong,” but noted the implications of Russia’s invasion of Ukraine are “highly uncertain.” This is the Federal Reserve's first rate hike since 2018. #News #LiveNews #BreakingNews CBS News Streaming Network is the premier 24/7 anchored streaming news service from CBS News and Stations, available free to everyone with access to the Internet. The CBS News Streaming Network is your destination for breaking news, live events and original reporting locally, nationally and around the globe. Launched in November 2014 as CBSN, the CBS News Streaming Network is available live in 91 countries and on 30 digital platforms and apps, as well as on CBSNews.com and Paramount+. Subscribe to the CBS News YouTube channel: http://youtube.com/cbsnews Watch CBS News: http://cbsn.ws/1PlLpZ7c Download the CBS News app: http://cbsn.ws/1Xb1WC8 Follow CBS News on Instagram: https://www.instagram.com/cbsnews/ Like CBS News on Facebook: http://facebook.com/cbsnews Follow CBS News on Twitter: http://twitter.com/cbsnews Subscribe to our newsletters: http://cbsn.ws/1RqHw7T Try Paramount+ free: https://bit.ly/2OiW1kZ For video licensing inquiries, contact: [email protected]