The US central bank has fired the starting pistol on interest rate rises as the world's largest economy faces up to a surge in inflation that is only predicted to accelerate during Russia's war in Ukraine
But the bank said the war in Ukraine was creating"additional upward pressure on inflation" and weighing onIt indicated that"ongoing increases" in the target federal funds rate - its core rate - would be"appropriate".
Fed chair Jay Powell hopes that by making borrowing gradually more expensive, the bank will succeed in cooling demand for homes, cars and other goods and services, thereby slowing inflation. "We do understand very much, and we very much take to heart, that it's our obligation to restore price stability", he said.
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