US Federal Reserve officials discuss 'slightly steeper' future rate hikes

US Federal Reserve officials signalled that the central bank may have to accelerate the pace of future rate hikes amid stronger economic growth and inflation, according to the minutes of the Fed's latest monetary policy meeting.

"A number of participants indicated that the stronger outlook for economic activity, along with their increased confidence that inflation would return to two per cent over the medium term, implied that the appropriate path for the federal funds rate over the next few years would likely be slightly steeper than they had previously expected," said the minutes of the Fed's March 20-21 meeting released on Wednesday.

At that meeting, the Fed raised its target range for the federal funds rate to 1.5-1.75 per cent, the first rate hike of 2018, reports Xinhua.

It was also the first meeting led by Fed Chairman Jerome Powell, who took the helm of the central bank in February.