The U.S. dollar firmed on Wednesday after the Federal Reserve announced its decision to accelerate the pace of reductions to its asset purchases program and signaled interest rate hikes, but subsequently gave up gains and shed ground against most of its peers.
The central bank, citing rising inflation and further improvement in the labor market, said it has decided to reduce the monthly pace of its net asset purchases by $30 billion per month, double the previously announced $15 billion per month.
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Forex News
May 15, 2026 15:25 ET Apart from the confirmation of Kevin Warsh as the next Fed chair, the main news on the economics front this week included key price data from the U.S. and the first quarter economic growth figures from major economies. Both consumer prices and producer costs have started to reflect the effect of supply shocks due to the Middle East conflict. In Europe, GDP data was in focus, while inflation data from China dominated the news flow in Asia.