US central bank may move to faster pace of rate hikes

When it raised rates last month, the Fed expressed confidence that inflation would pick up before long. But most analysts, even the ones more optimistic about growth, remain skeptical that will happen. (Picture shows the US Fed building)

SAN FRANCISCO: The Federal Reserve, which has struggled to stoke inflation since the financial crisis and up until now raised rates less frequently than it and markets expected, may be about to hit the accelerator on rate hikes.

Today, the US central bank is almost universally expected to raise its benchmark interest rates, a move that just a few weeks ago was viewed by the markets as unlikely.