BofA says that inflation will spur a rise in the United States dollars

How to Survive the Regime Change in Markets

"The January FOMC statement featured the addition of the word "further" in describing the committee's expectations for increases in the federal funds rate, and today's release of the meeting minutes confirmed that this addition was intended as a hawkish signal", says JP Morgan.

Stock markets convulsed in the days following the January meeting.

"The Fed is finding more confidence in their baseline outlook", said Harm Bandholz, chief United States economist at UniCredit Bank, who is forecasting three more rate increases for 2018.

The market is widely expecting the Fed to lift interest rates at its next meeting in March, to a range between 1.5 and 1.75 per cent.

According to the minutes, a number of officials had marked up their forecasts for economic growth in the near term, in view of the accommodative financial conditions, big tax cuts and solid domestic and overseas economic data.

Others said the prospects for economy to perform better than they expected had also increased. Suddenly, the specter of four-quarter-point rate hikes this year is rising.

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Quarles' comments underscore the general consensus at the central bank for a continuation under new Fed Chair Jerome Powell of the slow monetary policy tightening that was initiated by his predecessor, Janet Yellen. Higher rates can lure money out of equities and increase borrowing costs for corporations. The answer largely turns on inflation.

The dollar was higher against its primary trading partners on Wednesday as traders prepared themselves for announcements coming from the Federal Reserve's latest policy meeting which took place near the end of January.

Last year, falling unemployment supported the case for rate increases. The central bank has missed its 2 per cent inflation target for most of the past five years. Some officials argue that the Fed should stop raising rates until inflation shows clear signs of revival. Officials said the slowdown would prove transitory, and inflation pressures have firmed up somewhat in recent months.

At January's meeting, staff economists projected prices in this reading of so-called core inflation would rise "notably faster in 2018".

In an interview on Bloomberg Television, Minneapolis Fed President Neel Kashkari said he has "hope" that inflation is picking up (, and that the US central bank "can't make policy based on market blips, up and down".

Mr. Quarles said Thursday that the tax law enacted late last year and a two-year budget agreement Congress reached earlier this month could help sustain the economy's momentum "in part by increasing demand".

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