“Banking With Interest” podcast episode last week, said reacting to the data was “hard to do until there was clarity as to what the leadership going forward of the Fed was going to be.”

Plus, the Fed had promised to withdraw policy in a certain way, which prevented a rapid reorientation once officials began to fret that inflation might last. Policymakers had pledged to keep interest rates at rock bottom and continue to buy huge sums of bonds until the job market had healed substantially. They had also clearly laid out how they would remove support when the time came: Bond purchases would slow first, then stop, and only then would rates rise.

The point was to convince investors that the Fed would not stop helping the economy too early and to avoid roiling markets, but that so-called forward guidance meant that pulling back support was a drawn-out process.

“Forward guidance, like everything in economics, has benefits and costs,” Richard H. Clarida, who was vice chair of the Fed in 2021 and recently left the central bank, said at a conference last week. “If there’s guidance that the committee feels bound to honor,” he added, it can be complicated for the Fed to move through a sequence of policy moves.

Christopher Waller, a governor at the Fed, noted the central bank wasn’t just sitting still. Markets began to adjust as the Fed sped up its plans to remove policy support throughout the fall, which is making money more expensive to borrow and starting to slow down economic conditions. Mortgage rates, one window into how Fed policy is playing out into the economy, began to move up notably in January 2021 and are now at the highest level since the 2008 housing crisis.

Mr. Waller also pointed out that it was hard to get the Fed’s large policy-setting committee into agreement rapidly.

“Policy is set by a large committee of up to 12 voting members and a total of 19 participants in our discussions,” he said during a speech last week. “This process may lead to more gradual changes in policy as members have to compromise in order to reach a consensus.”

Loretta Mester, the president of the Federal Reserve Bank of Cleveland, said in an interview on Tuesday that different people on the committee “looked at the same data with different lenses, and that’s just the nature of the beast.”

But the Fed seems to be learning lessons from its 2021 experience.

Policymakers are avoiding giving clear guidance about what will come next for policy: Officials have said they want to quickly get rates up to the point that they start to weigh on the economy, then go from there. While Mr. Powell said the Fed was thinking about half-point increases at its next two meetings, he gave no clear guidance about what would follow.

“It’s a very difficult environment to try to give forward guidance, 60, 90 days in advance — there are just so many things that can happen in the economy and around the world,” Mr. Powell said at a news conference last week. “So we’re leaving ourselves room to look at the data and make a decision as we get there.”

The war in Ukraine is the latest surprise that is changing the outlook for the economy and inflation in ways that are hard to predict, Mr. Bostic from Atlanta said.

“I have been humbled, chastened — whatever — to think that I know the range of possible things that can happen in the future,” he said. “I’ve really tried to back off of leaning into one kind of story or path.”

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Live Updates: Russian Warship Ukraine Claimed to Have Hit Has Sunk, Moscow Says

BRUSSELS — Russia’s faltering war against Ukraine suffered a pair of setbacks Thursday when the flagship of Russia’s Black Sea fleet sank after a catastrophic explosion and fire, as the European Union moved closer to an embargo on Russian oil imports.

Ukraine claimed to have struck the vessel, the guided missile cruiser Moskva, with two of its own Neptune missiles, while Russia said the blast was caused by ammunition aboard the ship. If confirmed, the missile attack would be a serious blow to Russia, both militarily and symbolically — proof that its ships can no longer operate with impunity, and another damaging blow to morale.

It would also give a lift to Ukrainian hopes, while demonstrating the defenders’ homegrown technological capacity and exposing an embarrassing weakness in the Russian navy’s antimissile defenses.

Moscow also faces the possible loss of European markets in fossil fuels, which are providing billions of dollars a month to support its war effort. The European Union has long resisted calls to reduce its energy dependency on Russia, but officials revealed on Thursday that an oil embargo is in the works and is likely to be adopted in the coming weeks.

That comes on top of a previously announced ban on imports of Russian coal. Taken together, the steps are bound to raise fuel and electricity prices in Europe, potentially disrupting the economy and provoking a political backlash.

Ukraine continues to brace for a Russian offensive in the eastern Donbas region — where Moscow has said it will focus its war efforts after its failure to capture the capital, Kyiv — while Russian forces squeeze the shrinking pocket of resistance in the ruined southern port of Mariupol. The devastation rained there has offered a dire warning of what may befall other cities in the event of a prolonged Russian siege, prompting a mass exodus of civilians from the Donbas.

Credit…Pavel Klimov/Reuters

Its international isolation deepening, the Kremlin reacted ominously to the growing indications that Finland and Sweden would join the NATO alliance in response to Russia’s invasion of Ukraine. On Thursday, the government warned that any such expansion of NATO would prompt an increased Russian military presence, including nuclear weapons, in the region.

The C.I.A. director, William J. Burns, warned on Thursday of the possibility that Mr. Putin, facing a debacle in Ukraine, might use a tactical or low-yield nuclear weapon, though he stressed that he had seen no “practical evidence” that such a step was pending. It was the first time he discussed publicly a concern that has been much debated in the White House.

“Given the potential desperation of President Putin and the Russian leadership, given the setbacks that they’ve faced so far, militarily, none of us can take lightly the threat posed by a potential resort to tactical nuclear weapons or low-yield nuclear weapons,” Mr. Burns said, in answering questions after a speech in Atlanta.

Prominent voices in Russian state media have made increasingly incendiary statements recently, calling for more brutality in battles that have already sparked calls for war-crimes investigations of the Russian forces.

Much remained unclear about Russia’s setback in the western Black Sea, where a blast on Thursday morning — Wednesday night in the United States — and subsequent fire forced many of the Moskva’s roughly 500 crew members to abandon ship. There was no word on casualties. Ukraine said it had struck the vessel with two Neptune missiles and sunk it.

Russia’s Defense Ministry initially said its sailors had managed to put out the fire and the Moskva, commissioned in 1983, remained afloat. But hours later, it said, the ship sank while being towed to port in a storm.

Western defense officials said they could not be sure what caused the explosion aboard the 12,000-ton ship. Three American officials briefed on the incident said all indications were that it had been hit by missiles. The officials cautioned that early battlefield reports can sometimes change, but expressed deep skepticism over the Russian account of an accidental fire.

Ukraine has been stressing the need for coastal defense weapons, and the U.S. announced this week that it would send more of them. Pentagon officials said that other Russian ships had moved farther from the Ukrainian shoreline, lending credence to the claim of missile strikes.

“It’s going to have an impact on their naval capabilities, certainly in the near term,” but the long-term picture is unclear, said the Pentagon spokesman, John F. Kirby, a former Navy rear admiral.

Until now, Russian ships have been able to fire missiles at will against coastal cities. They have blockaded Ukraine’s south coast and threatened an amphibious landing in the southwestern region. The presence of an effective Ukrainian anti-ship weapon — Ukraine says the Neptune has a range of about 190 miles — could change those calculations, though Ukraine’s commercial shipping is unlikely to resume anytime soon.

Current and former American naval commanders said a successful missile attack would represent a shocking lack of Russian combat readiness.

“This is not supposed to happen to a modern warship,” said Adm. James G. Foggo III, a former commander of the United States Sixth Fleet, whose area of operations includes Europe. “If this was a Neptune missile strike, it’s indicative of complacency and lack of an effective integrated air and missile defense capability.”

Ukraine has endured most of the suffering in the war that began on Feb. 24, with untold thousands of casualties, widespread destruction and millions of people displaced, but the blowback on Russia has also been severe. Moscow’s vaunted military has often seemed hapless, absorbing unexpectedly heavy losses of men and equipment, while unprecedented sanctions imposed by the United States and its allies have shaken the Russian economy.

President Vladimir V. Putin acknowledged some of that cost on Thursday in a videoconference with top government officials and oil and gas executives, referring to “the disruption of export logistics” in that industry and “setbacks in payments for Russian energy exports.”

Credit…Mikhail Klimentyev/Sputnik

Fossil fuels are Russia’s biggest export product, a huge part of the Russian economy that employs millions of people and supplies the government with much of the revenue needed to support its war-making machinery.

Now E.U. officials and European diplomats say the bloc is moving toward barring oil imports from Russia, a ban that would be phased in over months to allow countries to arrange alternative supplies. They said European leaders will not make a final decision until after April 24, when France will hold its presidential runoff; a rise in fuel prices could hurt the prospects of President Emmanuel Macron and boost his right-wing opponent, Marine Le Pen, who has praised Mr. Putin.

The government of Germany, the most influential country in the European Union, has been particularly reluctant to cut off Russian fuel, which would come at a steep cost and could lead to shortages. But pressure from allies and mounting evidence of Russian atrocities in Ukraine have, step by step, overcome that resistance. Germany refused to allow the virtually completed, $10 billion Nord Stream 2 gas pipeline to go into service, supported the coal ban and now appears to be on board with an oil embargo.

Credit…Hannibal Hanschke/Reuters

The shifting stance of the neutral Scandinavian states is another unintended consequence for Mr. Putin. In waging a war that he said was intended to keep Ukraine out of NATO — a distant prospect at best — he may have succeeded in driving two countries that had been steadfastly nonaligned for generations into the arms of the alliance.

Dmitri A. Medvedev, a senior Russian security official, said on Thursday that if Sweden and Finland joined NATO, there would be “no more talk of a nuclear-free Baltics” region. Moscow would be compelled to “seriously strengthen” its air and ground forces in the area, said Mr. Medvedev, a former president and prime minister, and could deploy nuclear-armed warships “at arm’s length” from Finnish and Swedish shores.

Vladimir Solovyov, a television host who is considered a leading voice of Kremlin propaganda, said on Wednesday that Russia should destroy all Ukrainian infrastructure, including basic utilities.

Russia “must bring these terrorists to their senses in the cruelest way,” he said on his show on the state-owned Russia-1 channel. “We need to talk differently with terrorists,” he added. “There shouldn’t be any illusions that they can win.”

Russia has forced independent news outlets to shut down or leave the country, and has criminalized disputing the Kremlin’s account of the war. Yet Margarita Simonyan, the head of the state-owned RT news organization, said earlier this week that the government should restrict information even more.

No major power can exist “without having information under its control,” she said, adding, “we are all waiting for this.”

Matina Stevis-Gridneff reported from Brussels, and Richard Pérez-Peña from New York. Reporting was contributed by Ivan Nechepurenko and Anton Troianovski from Istanbul, Michael Schwirtz from London, and Helene Cooper, Eric Schmitt David E. Sanger and Julian E. Barnes from Washington.

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McCarthy Holdings, Inc. Promotes Kristine Newman to Chief Financial Officer

ST. LOUIS–(BUSINESS WIRE)–McCarthy Holdings, Inc., one of the nation’s largest 100 percent employee-owned construction companies, recently promoted Kristine Newman to chief financial officer. Prior to assuming this role, Newman served as executive vice president for the company. She replaces retiring CFO Doug Audiffred, and reports directly to McCarthy Holdings, Inc. Chairman and Chief Executive Officer Ray Sedey.

Newman joined McCarthy in 2005 as controller for the builder’s Southwest Region and was promoted to vice president, finance in 2016 and senior vice president, finance in 2018. In 2019 she assumed the executive vice president, finance position and became a member of McCarthy’s enterprise leadership team. Now as chief financial officer, she will be responsible for all accounting, finance and insurance components of McCarthy including cash management, investments, internal audit financial reporting and risk management.

“Kris has been working closely with [outgoing CFO] Doug Audiffred for some time to ensure a thoughtful and smooth transition,” Ray Sedey said. “In addition to her outstanding financial acumen, strong work ethic and exceptional professionalism, Kris brings a deep understanding of McCarthy and our industry. She is an inspirational and trustworthy leader, and I speak for our entire leadership team and all our employee-owners when I express how pleased we are to welcome Kris into this role.”

Newman began her career with Arthur Andersen LLP, working on audit and consulting engagements in the firm’s Chicago and Phoenix offices, prior to joining McCarthy. She is a Certified Public Accountant (CPA). An Indiana native, Newman earned her bachelor’s degree in accounting from Purdue University.

In addition to her responsibilities with McCarthy, Newman was recognized as a “Most Influential Woman in Commercial Real Estate” (AZ Business Magazine, 2019) and serves on the national committee for the McCarthy Partnership for Women, the firm’s employee resource group dedicated to recruiting, developing and retaining women. She currently serves on the Greater Phoenix Chamber of Commerce board of directors, is past president and current member of the Valley of the Sun Chapter of the Construction Financial Management Association and is past chair of the board of directors for UMOM New Day Centers in Phoenix.

“It is an incredible honor to serve in this crucial role for our company,” Newman said. “I am grateful to be able to follow in the footsteps of Doug Audiffred, and his guidance through the transition period was extremely helpful and appreciated. I know without a doubt that this organization will continue to accomplish amazing things.”

About McCarthy Holdings, Inc.

McCarthy Holdings, Inc. is the oldest privately held national construction company in the country – with nearly 160 years spent collaborating with partners to solve complex building challenges on behalf of its clients. McCarthy Holdings, Inc. is comprised of McCarthy Building Companies, Inc. and Castle Contracting, Inc. Repeatedly honored as a Best Place to Work, McCarthy is ranked the 13th largest domestic builder (Engineering News-Record, May 2021). With approximately 6,000 salaried employees and craft professionals, the firm has offices in St. Louis; Atlanta; Collinsville, Ill.; Kansas City, Kan.; Omaha, Neb.; Phoenix; Las Vegas; Denver; Austin; Dallas; Houston; and San Diego, Newport Beach, Los Angeles, San Francisco, San Jose and Sacramento, Calif. McCarthy is 100 percent employee owned. More information about the company is available online at www.mccarthy.com or by following the company on Facebook, Twitter, LinkedIn and Instagram.

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EXCLUSIVE Boeing in talks for landmark Delta MAX order, article with image

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Delta Air Lines planes are parked at their gates at Hartsfield Jackson International Airport in Atlanta, Georgia, U.S., October 27, 2020. REUTERS/Brian Snyder/File Photo

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March 18 (Reuters) – Boeing Co (BA.N) is edging towards a landmark order from Delta Air Lines (DAL.N) for up to 100 of its 737 MAX 10 jets, a model it is battling in separate talks to get approved before year-end rule changes, people familiar with the matter said.

The deal, if confirmed, would be the first order from Delta for Boeing’s best-selling single-aisle airplane family, and the first major Boeing order for the carrier in a decade.

It comes as Delta – the only major U.S. carrier without a 737 MAX on order – reshapes its fleet in anticipation of a swift recovery from the pandemic. read more

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Boeing and Delta, which have had a frayed relationship in past years, are working on details of an order that could consist of 100 aircraft, many or all of which could involve the largest variant, the 737 MAX 10, two of the people said.

If a deal is reached, an announcement could come as soon as next month, one of the people added.

Boeing and Delta declined to comment.

Industry sources cautioned negotiations typically go down to the wire and no final decision had been taken. There has been speculation about a MAX order from Delta in the past, without a deal coming to fruition.

The MAX 10 competes with Airbus’ strongest-selling model, the A321neo. Both planes are aimed at the fast-growing segment of the market just above 200 seats.

The A321neo, which leasing company Air Lease (AL.N) described on Wednesday as the “hottest airplanes in the market”, has a commanding lead in sales, but Boeing has scored a series of contract wins in the past year.

Airbus also declined to comment.

In September, Airline Weekly quoted Delta Chief Executive Ed Bastian as saying there was a place for the MAX at Delta if the carrier could figure out how to bring them in. read more

Asked about the MAX in London earlier this month, he told reporters Delta was always looking at all airplane models.

CERTIFICATION TALKS

For Boeing, which is entrenched in broader certification and industrial headaches, the deal would cement a major new customer for its cash-cow narrowbody. read more

The planemaker is facing a separate but increasingly high-stakes battle to win certification of the MAX 10 before a new safety standard on cockpit alerts takes effect at year-end.

The deadline for changes was introduced as part of broader regulatory reforms at the Federal Aviation Administration following fatal crashes of a smaller MAX model in 2018 and 2019.

Boeing has held talks with some lawmakers about the potential of asking for more time, but has not formally sought an extension to address a flight deck issue, the people said.

Asked about the possibility, an FAA spokesperson said, “safety dictates the timeline of certification projects”.

Only Congress can extend the deadline if the FAA does not certify the MAX before end-year.

Boeing has raised with some lawmakers the potential impact on jobs and production if the 737 MAX 10 is not approved, the people said.

“We continue to work transparently with the FAA to provide the information they need, and we are committed to meeting their expectations to achieve 737-10 certification,” Boeing said in an emailed statement.

It did not comment directly on any talks with lawmakers but said the jet would support “tens of thousands of jobs at Boeing and across our supply chain, including in Washington state”.

The issue is also likely to get entangled in the confirmation hearings of the next FAA administrator. Current FAA Administrator Steve Dickson is set to step down March 31.

The Seattle Times this month cited an earlier Boeing submission to the FAA citing an estimated cost of full compliance for the MAX at “more than $10 billion”.

(This story refiles to amend dateline to March 18)

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Reporting by Eric M. Johnson in Seattle, David Shepardson in Washington, and Rajesh Kumar Singh in Chicago; Editing by Tim Hepher and Jan Harvey

Our Standards: The Thomson Reuters Trust Principles.

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Ukraine Live Updates: 3 European Leaders Say They’re in Kyiv in Show of Support

Shortly after Russia passed a new censorship law that effectively criminalized accurate reporting on the war in Ukraine, CNN executives on two continents gathered for an emergency video call to figure out what would happen next.

The 24-hour news network had employed numerous correspondents in Russia since the latter years of the Soviet Union. Now their future in the country, and perhaps their safety, were up in the air.

Senior producers in New York and London conferred with lawyers at CNN headquarters in Atlanta and reporters in Moscow about the new law, which raised the prospect of 15-year prison terms for journalists who called the war in Ukraine a “war.” Within hours, the network ceased broadcasting in Russia, joining other Western news outlets — including the BBC, Bloomberg News and ABC News — that temporarily or partly suspended their Moscow-based operations.

“When it comes to a potential threat to somebody, that far and away outweighs everything else in the consideration,” Michael Bass, CNN’s executive vice president of programming, said in an interview. “It would be better for our reporting and our coverage of the story to continue reporting every single day and multiple times a day from Russia, but an assessment had to be made of what can be done for your people.”

Credit…CNN

In an echo of the exodus of journalists from Afghanistan after the Taliban swept through the country last year, media executives and editors are engaged in a high-stakes debate about risk in Russia. Is it prudent, they ask their reporters over secure apps each day, to gather news in an increasingly hostile and isolated country? If not, is it feasible to continue from outside its borders?

“There is a constant minute-to-minute triage of that balance,” said Matthew Baise, director of digital strategy at Voice of America, the U.S. government broadcaster, which until recently employed several journalists reporting from Russia. “Every day, we’re attempting to adapt to the situation there while not jeopardizing people’s lives, but we also have to have a way to get reporting out of the country.”

Now a dozen Voice of America employees have left Russia. and others are lying low, Mr. Baise said.

Clarissa Ward, CNN’s chief international correspondent, said in an interview from Kyiv, Ukraine, that “it’s a huge blow to not be able to do the kind of journalism we all aspire to do in Russia at the moment.”

“It’s not just a global audience — there are a lot of Russians inside Russia who look to international news outlets to get a more well-rounded perspective,” said Ms. Ward, who has been reporting from Ukraine for nearly two months. One crucial perspective that can be lost, she said, is “how Russia is viewing this war, what ordinary Russians think about it.”

Inside Ukraine, journalists are facing more direct — and potentially lethal — risks. Brent Renaud, an American documentary filmmaker, was fatally shot in the head on Sunday in a suburb of Kyiv. On Monday, a Fox News correspondent, Benjamin Hall, was hospitalized after he was injured outside Kyiv.

Days earlier, Ms. Ward described via telephone how she and her CNN crew work from 9 a.m. to 4 a.m. each day, starting by assessing whether it is safe to travel outside their hotel. Often, spotty cellular service and security concerns force them to improvise: A 15-minute live dispatch from a subway station, where hundreds of Ukrainians were sheltering from a bombardment, was filmed on a producer’s phone.

For now, in Russia, the threat to journalism is statutory, but still dire: Under the new law, many correspondents there face the prospect of yearslong prison terms for doing their jobs. That has led to a stunning disintegration of Russia’s independent media, and left international news outlets racked with uncertainty.

Amnesty International said on Thursday that 150 journalists had fled the country to avoid the new law, which Marie Struthers, the group’s director for Eastern Europe and Central Asia, called “a scorched-earth strategy that has turned Russia’s media landscape into a wasteland.”

Amid the strangled flow of outside news, some have gone to great lengths to disrupt the information blackout inside Russia. On Monday, a state television employee burst onto the live broadcast of Russia’s most-watched news show, yelling, “Stop the war!” and holding up a sign that said, “They’re lying to you here.” The employee, Marina Ovsyannikova, was detained after the protest.

A bill introduced last week would create a register of anyone involved, currently or in the past, with media outlets or other organizations that Russia has deemed a “foreign agent.”

Credit…Agence France-Presse — Getty Images

News organizations have scrambled to find a working solution as the cohort of credible outlets shrinks and threatens to leave audiences inside and outside the largest nation in the world blind to its dealings.

“There are many other parts of the world where it is unsafe to be a journalist and where newsrooms are having these debates and discussions,” said Damian Radcliffe, a journalism professor at the University of Oregon. “But what’s different here is that this is such a huge, high-profile story that those internal debates are playing out in the public domain in a much more overt way.”

Last week, The New York Times said it would move its editorial staff out of Russia, and The Washington Post said it would protect Moscow-based journalists by removing bylines and datelines from certain stories. Condé Nast said it had suspended its publishing operations there. Correspondents for the Canadian Broadcasting Corporation left Russia on March 6.

“It’s definitely a balancing act, and that’s why we are monitoring the situation closely and taking the necessary time to fully understand the new law,” said Chuck Thompson, a spokesman for the Canadian broadcaster.

Some outlets decided to stay put. The German public broadcasters ARD and ZDF said they planned to resume reporting from Moscow after a suspension. But the coverage will focus on the political, economic and social situations in Russia — such as the effects of economic sanctions on civilians — while the war in Ukraine will be covered from outside the country.

The BBC said last week that “after careful deliberation” it would restart its English-language reporting from Russia. (Its Russian-language correspondents have stopped working.) The broadcaster appointed Steve Rosenberg, its longtime Moscow correspondent, to be its Russia editor, and produced segments on public sentiment and McDonald’s closing its stores.

Still, BBC correspondents “have to be wary and careful about what language they use,” said Jamie Angus, a top executive who oversees news output.

On the air, Mr. Rosenberg describes the fighting as “what the Russians are calling a special military intervention.” Analysis that refers more explicitly to a war or an invasion can be delivered from London, Mr. Angus said.

The BBC has begun broadcasting through alternative channels like shortwave radio and TikTok in hopes of eluding Russian censors. Voice of America said that one day last week, 40 percent of its Russian audience had reached its coverage through censor-evading apps such as Psiphon and nthLink. Its Facebook page has also gotten an unusual surge in traffic from Italy, a sign that some Russian citizens may be using VPN services to bypass information blockades.

“There are no challenges that are insurmountable today in the digital world — we just need to be agile,” said Alen Mlatisuma, the managing editor of Voice of America’s Eurasia division.

Credit…Alexander Zemlianichenko Jr/Associated Press

Deutsche Welle, Germany’s state-owned broadcaster, had 35 people working in Russia, which was also the hub for coverage of Ukraine, Moldova, Georgia, Kazakhstan and other former Soviet republics.

Last month, the Russian government withdrew the broadcaster’s accreditation and shut down its Moscow studio. Deutsche Welle’s website is now blocked in Russia, and viewership for its Russian Facebook channel plunged. The outlet has pulled all of its reporters out of Russia, said a spokesman, Christoph Jumpelt.

“The fact that they have revoked our credentials and physically kicked us out of the country, and made it impossible to work inside Russia as officially credentialed journalists, doesn’t mean that we cannot continue to cover Russia from inside Russia,” Mr. Jumpelt said. “There are many, many ways to get access to information.”

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Independence Realty Trust Announces First Quarter 2022 Dividend

PHILADELPHIA–(BUSINESS WIRE)–Independence Realty Trust, Inc. (NYSE: IRT) (“IRT”) announced that today IRT’s board of directors declared a quarterly dividend of $0.12 per share of IRT common stock, payable on April 22, 2022 to stockholders of record at the close of business on April 1, 2022.

Upon the completion of our merger with STAR, we are in a unique position of strength,” said Scott Schaeffer, Chairman and CEO of IRT. “We plan to invest our excess cash flow into several investment opportunities that will deliver strong returns, namely our value add renovations and development projects. The Board will continue to evaluate IRT’s capital allocation strategy to ensure it is maximizing value for our shareholders.”

About Independence Realty Trust, Inc.

Independence Realty Trust, Inc. (NYSE: IRT) is a real estate investment trust that owns and operates multifamily apartment properties in 119 communities, across non-gateway U.S. markets including Atlanta, GA, Dallas, TX, Denver, CO, Columbus, OH, Indianapolis, IN, Oklahoma City, OK, Raleigh-Durham, NC, Houston, TX, Nashville, TN, and Memphis, TN. IRT’s investment strategy is focused on gaining scale within key amenity rich submarkets that offer good school districts, high-quality retail and major employment centers. IRT aims to provide stockholders attractive risk-adjusted returns through diligent portfolio management, strong operational performance, and a consistent return on capital through distributions and capital appreciation. More information may be found on the Company’s website www.irtliving.com.

Forward-Looking Statements

This press release contains certain forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended (the “Securities Act”), and Section 21E of the Securities Exchange Act of 1934, as amended. Such forward-looking statements can generally be identified by our use of forward-looking terminology such as “will,” “strategy,” “expects,” “seeks,” “believes,” “potential,” or other similar words. These forward-looking statements include, without limitation, our expectations as to the timing and amount of future dividends and anticipated benefits of our merger transaction with STAR. Such forward-looking statements involve risks, uncertainties, estimates and assumptions and our actual results may differ materially from the expectations, intentions, beliefs, plans or predictions of the future expressed or implied by such forward-looking statements. These forward-looking statements are based upon the current beliefs and expectations of our management and are inherently subject to significant business, economic and competitive uncertainties and contingencies, many of which are difficult to predict and not within our control. In addition, these forward-looking statements are subject to assumptions with respect to future business strategies and decisions that are subject to change. Risks and uncertainties that might cause our future actual results and/or future dividends to differ materially from those expressed or implied by forward-looking statements include, but are not limited to: risks related to the impact of COVID-19 and other potential future outbreaks of infectious diseases on our financial condition, results of operations, cash flows and performance and those of our residents as well as on the economy and real estate and financial markets; changes in market demand for rental apartment homes and pricing pressures, including from competitors, that could limit our ability to lease units or increase rents or that could lead to declines in occupancy and rent levels; uncertainty and volatility in capital and credit markets, including changes that reduce availability, and increase costs, of capital; inability of tenants to meet their rent and other lease obligations and charge-offs in excess of our allowance for bad debt; legislative restrictions that may delay or limit collections of past due rents; risks endemic to real estate and the real estate industry generally; impairment charges; the effects of natural and other disasters; delays in completing, and cost overruns incurred in connection with, our value add initiatives and failure to achieve projected rent increases and occupancy levels on account of the initiatives; the structure, timing and completion of our merger transaction with STAR and any effects of the announcement, completion of the merger, including failure to realize the cost savings, synergies and other benefits expected to result from the merger; the ability to successfully integrate the IRT and STAR businesses; the occurrence of any event, change or other circumstances that could give rise to the termination of the merger agreement, including failure to receive required stockholder approvals; the risk that the parties may not be able to satisfy the conditions to the merger in a timely manner or at all; risks related to disruption of management time from ongoing business operations due to the announced merger transaction; the risk that the merger and its announcement could have an adverse effect on our ability to retain and hire key personnel and maintain relationships with our customers and suppliers, and on our operating results and businesses generally; unexpected costs of REIT qualification compliance; unexpected changes in our intention or ability to repay certain debt prior to maturity; inability to sell certain assets within the time frames or at the pricing levels expected; costs and disruptions as the result of a cybersecurity incident or other technology disruption; and share price fluctuations. Please refer to the documents filed by us with the SEC, including specifically the “Risk Factors” sections of our Annual Report on Form 10-K for the year ended December 31, 2021 and our other filings with the SEC, which identify additional factors that could cause actual results to differ from those contained in forward-looking statements. We undertake no obligation to update these forward-looking statements to reflect events or circumstances after the date hereof or to reflect the occurrence of unanticipated events, except as may be required by law. In addition, the declaration of dividends on our common stock is subject to the discretion of our Board of Directors and depends upon a broad range of factors, including our results of operations, financial condition, capital requirements, the annual distribution requirements under the REIT provisions of the Internal Revenue Code of 1986, as amended, applicable legal requirements and such other factors as our Board of Directors may from time to time deem relevant. For these reasons, as well as others, there can be no assurance that dividends in the future will be equal or similar to the amount of the dividend described in this press release.

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