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“This makes the recent fall in the markets more worrying - since households, already struggling from a weak job market, high inflation and faltering consumption, are now seeing their equity savings take a beating too.”

“It comes as major central banks around the world are hiking rates as higher energy prices caused by the Iran war are helping to push up inflation.”

“The forecast suggested price rises will ease in the coming years, with inflation, the measure used to assess the cost of living, predicted to fall steadily to the Fed's 2% target by 2029.”

“The Fed acknowledged that inflation remained "elevated", which it said was in part due to rising energy prices, but said US economic activity was expanding at a "solid pace despite uncertainty caused by the conflict in the Middle East".”