Incumbent had been renominated by Biden late last year
Federal Open Market Committee
US central bank to begin trimming bond holdings as inflation soars
Taper of bond-buying alongside hawkish pivot to tame strong rise in inflation
Stimulus programme to be ‘tapered’ as US economy contends with surging inflation
Central bank gives strongest signal yet that it will start tapering this year
Fed’s latest policy statement drops reference to pandemic dragging down economic growth
Inflation of 5% in May compared to 4.2% in April
Central bank sharply upgrades forecasts but signals no rate rises until at least 2024