US central bank flags March rate hike as inflation runs hot - pressure on Reserve Bank's 2024 near zero rates pledge

The US Federal Reserve has signalled an interest rate rise in March as it confronts surging inflation. 

While acknowledging the US economy remains fragile because of the pandemic, Fed chair Jerome Powell says inflation is hurting average Americans who are paying for for food and petrol. 

ABC's Peter Ryan says the Fed's rate rise signal pressures Australia's Reserve Bank and governor Philip Lowe's pledge to keep interest rates near zero until 2024.