Wall Street dives 1.7 pc after US rate hike amid signals of uncertain outlook; analysts say Fed language less dovish than expected

The US Federal Reserve has raised interest rates as expected but forecast fewer rate hikes next year in the face of financial volatility and slowing global growth. 

Read the Fed statement here

While citing a strong US economy, Fed chairman Jerome Powell said inflation was more subdued than anticipated and signaled he might change strategy if developments in 2019 warrant. 

ABC's Peter Ryan analyses Mr Powell's comments.