The Federal Reserve has defied a string of weak inflation figures as it lifted short-term rates by another quarter point and set out detailed plans for paring back the size of its balance sheet later this year.
Fed chair Janet Yellen and her colleagues boosted the target range for the federal funds rate of 1 to 1.25 per cent on Wednesday, reiterating that they expect inflation to return to target but stressing they are watching low inflation numbers “closely” after a series of disappointing readings.
Fed policymakers stuck with forecasts pointing to further rate increases in the coming years, including a further quarter-point increase by the end of 2017.
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