Dollar slides as Fed dampens early U.S. rate hike view

The U.S. dollar fell on Wednesday, after the Federal Reserve said it does not expect to raise interest rates through all of 2023, contrary to market expectations. The dollar index dropped 0.5% to 91.44 after the Fed comments. The greenback had reversed its slide in recent sessions on a surge in U.S. Treasury yields due in part to growing expectations that the Fed may tighten rates earlier than thought on forecasts of a faster-than-expected economic recovery. In a statement after the Fed held interest rates steady, the U.S. central bank said it expects a rapid jump in U.S. economic growth and inflation this year as … (full story)

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