US Federal Reserve speeds up taper and signals three rate hikes in 2022

Central bank will double rate at which it cuts spending on government bonds and expects to raise borrowing costs next year

The US Federal Reserve has announced that it will accelerate an end to the central bank's pandemic-era support of the US economy in a major shift that will also see a series of interest rate rises next year.

The measures are a signal that US central bankers no longer view rising inflation as a transitory" nuisance caused by supply chain problems meeting pent-up consumer demand, but an issue that now requires firm management to avert lasting damage to the US economy.