Fed says farewell to patience –and hello to turmoil and uncertainty

The Fed has signalled it's changing its approach to interest rates - and that means consumers are in for a volatile six months

The Federal Reserve isn't going to be "patient" any more. Dropping that one word from the language surrounding policymakers' approach to future interest rate hikes may seem minor, but it's a significant change for savers, investors and borrowers.

Last December the Fed signalled that the era of ultra-low interest rates was coming to an end. But it added it would patient about deciding when. Wednesday's decision to drop the P-word throws open the doors to the first increases in lending rates since 2008, and means that Janet Yellen and her fellow Fed officials will respond to economic data on a meeting-by-meeting basis.