Rate rise fears rattle investors as US inflation spikes . Could changed Fed language sway RBA's commitment to hold rates until 2024?

Signs of rising inflation around the world continue to rattle major investors who worry the days of near zero interest rates and cheap money might soon be over. 

Economists will be scrutinising comments this week from the US Federal Reserve which maintains rising inflation is in May was "transitory". 

ABC's Peter Ryan says any changed language from America's central bank could sway the Australia's Reserve Bank commitment to keep rates on hold until 2024.