. >> thank you let's go to howard schneider >> you know, for a year -- hi. thank you, chair powell.ar now the statements reference the benchmarks statem referenced the benchmark, initial interest rate increase now that we're approaching that moment, what are the benchmarks going to be for subsequent rate increases? i know you can't stipulate the path, but how should we think about the criteria for the next step and the next one? >> well, you're right. we haven't gotten to that point. we haven't made a decision yet and we'll make that decision at the march meeting. we'll make it decision whether to raise the federal funds rate. i would say that the committee is, is of a mind to raise the federal funds rate at the march meeting, assuming that conditions are appropriate for doing so we have our eyes on the risks particularly around the world, but we do expect some softening in the economy from omicron, but we think that should be temporary and we think that the economy should be underlinement the economy should show through quickly after that. >> if i could follow, just a related quest

let's go to howard schneider. reporter: for a year, hi, thanks, chair powell. -- [inaudible].or a year now the statements referenced the benchmark for this initial interest rate increase. now we're approaching that moment, what are the benchmarks going to be for subsequent rate increases? i know you can't stipulate the path but how should we think about the criteria for the next one? >> you're right, we haven't got, we haven't gotten to that point. we haven't made a decision yet and we'll make that decision at the march meeting. we'll make a decision whether to raise the federal funds rate. i would say that the committee is of a mind to raise the federal funds rate at the march meeting assuming that conditions are appropriate for doing so. we have our eyes on the risks, particularly around the world but, we do expect some softening in the economy from omicron but we think that should be temporary. we think that the economy should be underlying strength of the economy should, you know, should show through rather quickly after that. reporter: if i could follow, just on related q