WASHINGTON (AP) — The Federal Reserve will quicken the pace at which it’s pulling back its support for the post-pandemic U.S. economy as inflation surges, and it expects to raise interest rates three times next year.

In an abrupt policy shift, the Fed announced that it will shrink its monthly bond purchases at twice the pace it previously announced, likely ending them in March.

The bond purchases were intended to hold down long-term rates to aid the economy but are no longer needed with unemployment falling and inflation at a near-40-year high.

The accelerated timetable puts the Fed on a path to start raising rates in the first half of next year.