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© Reuters. FILE PHOTO: U.S. dollar banknotes are seen in this illustration taken March 10, 2023. REUTERS/Dado Ruvic/Illustration/File Photo

NEW YORK (Reuters) – The pared losses Wednesday after the Federal Reserve left interest rates unchanged and dropped a longstanding reference to possible further hikes in borrowing costs.

The U.S. central bank’s latest policy statement, however, gave no hint that a rate cut was imminent. It said the policy-setting Federal Open Market Committee “does not expect it will be appropriate to reduce the target range until it has gained greater confidence that inflation is moving sustainably toward 2%,” the Fed’s inflation target.

The dollar index was last flat on the day at 103.39. The euro was last down 0.16% on the day at $1.08275. The greenback pared losses against the yen and was last down 0.66% on the day at 146.72 yen.


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