The US Federal Reserve wants to get to neutral quickly as it increasingly prioritises potential jobs weakness at a time when it is more comfortable with the inflation backdrop.

BofA Global Research raised its forecast for the Federal Reserve's anticipated interest rate cuts for the remainder of this year to 75 basis points, after the U.S. central bank kicked off a widely expected series of reductions on Wednesday.

The Fed noted that its rate-setting committee "has gained greater confidence that inflation is moving sustainably toward 2 percent" and believes the risks to achieving its employment and inflation goals are roughly balanced.