Federal Reserve Chair Jerome Powell backed a quarter-point interest-rate hike this month to commence a series of increases, and he didn't rule out a larger move at some stage, despite uncertainty caused by Russia's invasion of Ukraine.

"I am inclined to propose and support a 25 basis-point rate hike," Powell told the House Financial Services Committee Wednesday. "To the extent that inflation comes in higher or is more persistently high than that, then we would be prepared to move more aggressively by raising the federal funds rate by more than 25 basis points at a meeting or meetings."

Fed officials are pivoting to tackle the fastest inflation in 40 years, and a few have publicly discussed the potential need to hike by a half point some time this year if inflation comes in too hot. They get February data on consumer prices on March 10, five days before they start their next policy meeting.