Fed appears poised to hike interest rate in March in effort to tackle inflation

The Federal Reserve on Wednesday signaled it is ready to tackle inflation as prices have shot up in the past year and millions of Americans are facing the strain of higher costs. Following two days of policy meetings, officials strongly indicated the hike is just on the horizon. 

"With inflation well above 2% and a strong labor market, the committee expects it will soon be appropriate to raise the target range for the federal funds rate," a statement from Fed leaders read.

Speaking to reporters following the meeting, Federal Reserve Chairman Jerome Powell did not reveal details on how much the Fed could hike rates this year or how often to expect increases. Fed officials previously signaled rates could be increased three times this year. Some economic forecasters now anticipate at least four hikes starting in March.