The Federal Reserve signaled on Jan. 26 that it will likely raise U.S. interest rates in March for the first time in more than three years in an effort to tighten monetary policy. The Fed’s rate-setting Federal Open Market Committee (FMOC) had been deliberating on how to refocus the Fed’s monetary policies in a two-day policy meeting. The central bank reaffirmed its plans to end bond purchases in March, after a final round of asset purchases, as part of what it calls a significant reduction in its asset holdings. The FMOC said it would “continue to reduce the monthly pace of its net asset purchases, bringing them to an end in early March,” and that it “will increase its holdings of Treasury securities by at least $20 billion per month and of agency mortgage‑backed securities by at least $10 billion per month,” beginning in February. Both moves would fulfill the …