The Federal Reserve said Wednesday it will end its stimulus bond-buying program more quickly amid a rising threat from inflation, but keep interest rates at zero until labor market conditions improve further.

The Fed will cut monthly bond purchases by $30 billion a month, double its previous rate of tapering, the Federal Open Market Committee (FOMC) said at the conclusion of its two-day meeting, which would end the program in March and open the door for the central bank to increase the benchmark borrowing rate.

Forecasts from committee members indicate they see as many as three rate hikes next year, though inflation is expected to decline.