New US Fed chair vows reforms as central bank signals rate hikes on horizon

As widely expected, policymakers at the the US Federal Reserve have kept interest rates unchanged. But in a clear change of tone from previous meetings, Fed officials said they expected raising interest rates later this year rather than lowering them, to tame rising inflation.

The meeting was the first chaired by the central bank's new chief, Kevin Warsh, who scrapped guidance about future rate moves and announced new task forces that could reshape how the Fed communicates and analyses data.