Fed changes forward guidance

The Federal Reserve's Open Market Committee (FOMC) has tweaked its guidance on interest rates, saying it "can be patient" in normalising monetary policy rather than wait for a "considerable time".

It delivered by Fed chair Janet Yellen at a press conference yesterday following the FOMC's final meeting of the year.

Yellen said the new language "better reflects the committee's focus on economic conditions that would make lift-off appropriate" following the end to the Fed's monthly asset purchases.