The U.S. dollar climbed higher against major currencies on Wednesday after the Federal Reserve said it is likely to hike interest rates in March and signaled that it would then start reducing its asset holdings.
The Fed left interest rates unchanged at near-zero levels as widely expected but said the Federal Open Market Committee expects "it will soon be appropriate to raise the target range for the federal funds rate."
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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.