US Federal Reserve in supersized 0.75 percent rate hike to confront rampant inflation

Wall Street stocks have staged a relief rally after the US Federal Reserve delivered on expectations with a "supersized" rate rise of 0.75 percentage points. 

And there's almost certainly much more pain to come as the Fed chases inflation which is now entrenched in the US economy, running at a 41 year high.

The question now is how Australia's Reserve Bank react amid concerns that the cash rate could exceed 3.1 percent by the end of the year.

Here's my analysis on ABC NewsRadio