Fed signals rate hikes coming 'soon' amid inflation concerns

Officials at the Federal Reserve on Wednesday signaled that they could "soon" raise interest rates for the first time in three years, as inflation concerns cast a shadow over the pandemic-battered economy.

The central bankers said in a statement Wednesday that they were leaving rates unchanged for now, at near-zero levels, but with a recovering labor market and the threat of inflation, this will likely change in the near future.