Going into the latest Fed meeting, bond markets were already predicting inflation would average 2.4% a year over the next five years, well above the Fed’s 2% target. After the meeting and Powell’s press conference, that expectation jumped above 2.5%.

The UK's rate of inflation held steady at 3.8% in the 12 months to August, the Office for National Statistics has announced. We're looking into what's going on with prices and will bring you more very shortly.