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 12, 2026 17:14 ET Major central bank action was the focus this week in economic news. The European Central Bank became the first major central bank to move in response to the rising inflationary pressures in the backdrop of the conflict in the Middle East. In North America, the U.S. inflation and trade data as well as Canada’s central bank decision gained attention. The Chinese trade data was the main news in Asia.