USD Falls Broadly After The Fed Hints At A Slower Pace Of Rate Hikes

usd

The FOMC statement sent the US dollar broadly lower, roughly 60 pips across the board.

The decline came after the Federal Reserve inserted a line into its statement saying it would “take into account the cumulative tightening of monetary policy, the lags with which monetary policy affects economic activity and inflation.”

That’s a clear nod to a slowdown in rate hikes, though it’s vague on the timing.

The euro rose above yesterday’s high after the news.

The moves were mirrored throughout markets. US 2-year yields fell 7.7 bps to 4.46%, and US equities turned a decline into a 0.5% gain.

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