The Fed has planned more hikes but, as Chairman Jerome Powell said, the interest hikes will slow down at an appropriate time.

The hike was announced after a meeting of the Fed’s top decision-making body.

“The Committee anticipates that ongoing increases in the target range will be appropriate in order to attain a stance of monetary policy that is sufficiently restrictive to return inflation to 2 per cent over time,” the Fed statement said.

The Fed added: “In determining the pace of future increases in the target range, the Committee will take into account the cumulative tightening of monetary policy, the lags with which monetary policy affects economic activity and inflation.”

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