The U.S. dollar shed ground against some of its major counterparts on Wednesday after the Federal Reserve raised interest rates by 50 basis points and signaled more hikes.
The central bank projected at least an additional 75 basis points of increases in borrowing costs by the end of 2023. It also expects unemployment to rise next year, and economic growth might stall.
The text of the Fed's accompanying statement was largely unchanged from last month, however, with the central bank reiterating that it anticipates ongoing increases in rates will be appropriate.
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Forex News
June 19, 2026 16:46 ET Major central banks continued to dominate the economic news flow this week too, led by the Federal Reserve, as they announced their latest policy decisions. The Federal Reserve policy session was in focus as it was the first to be led by the new chief Kevin Warsh. In Europe, central banks of the U.K. and Switzerland announced their rate decisions. In Asia, the Bank of Japan drew attention for its policy moves, while data out of China threw some light on the state of the economy.