Fed holds US rates

THE US Federal Reserve sought to draw a line under the financial crisis last night as it outlined plans to start unwinding its massive money-printing programme.

The central bank pumped trillions of dollars into the economy between 2008 and 2014 to kick-start growth following the crash. But last night it said that it would begin to withdraw the stimulus next month in a clear sign of its mounting confidence in the country’s economy.

The Fed has raised interest rates four times since late 2015 but held them at between 1pc and 1.25pc last night. It indicated that rates could rise once more this year.