Federal Reserve officials expect to start raising US interest rates sooner than previously expected, predicting two increases by 2023, as the central bank revised higher its inflation and economic growth forecasts.
The more hawkish outlook triggered a sell off in US 10-year bonds, pushing yields up and smashing the Australian dollar which fell 1 per cent to US76.28¢ from US77.07¢ before the announcement.
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Matthew Cranston is the United States correspondent, based in Washington. He was previously the Economics correspondent and Property editor. Connect with Matthew on Twitter. Email Matthew at mcranston@afr.com
