Fed considering 3 rate hikes in 2022 to fight inflation

The U.S. central bank ended its two-day meeting on Wednesday.

Federal Reserve officials announced Wednesday that they intend to more rapidly end pandemic-era monetary policies meant to support the economy as surging inflation casts a new shadow over the recovery.

The U.S. central bank announced it would accelerate the tapering of its bond-buying program that flushed financial markets with liquidity during the coronavirus-induced downturn. Fed officials voted to keep interest rates near-zero currently, and said they anticipated as many as three interest rate hikes in 2022.

"The path of the economy continues to depend on the course of the virus," the Fed said in a policy statement Wednesday. "Progress on vaccinations and an easing of supply constraints are expected to support continued gains in economic activity and employment as well as a reduction in inflation. Risks to the economic outlook remain, including from new variants of the virus."

The policy shift comes on the heels of the Federal Reserve's final meeting of the year, which ended Wednesday afternoon.