Janet Yellen has begun her term as chair of the US Federal Reserve with a hawkish set of forecasts that point to earlier than previously thought interest rate rises.
Fed officials now forecast rates of 1 per cent by the end of 2015. That contrasts with their 0.75 per cent median forecast in December. The median forecast for the end of 2016 rose from 1.75 per cent to 2.25 per cent.
The shift points to a first rate rise earlier in 2015 than was implied by the Fed’s last round of forecasts in December. To allow for three rate rises by the end of 2015, the Fed would have to start raising rates by the summer of that year.
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