The U.S. dollar rose to a two-year high in late afternoon trades on Wednesday after the Federal Reserve cut interest rate as expected by 25 basis points and its chief Jerome Powell said that the rate cut should not be seen as "the beginning of a lengthy cutting cycle."
In his post meeting press conference, Powell described the rate cut "essentially as a mid-cycle adjustment to policy," and not the beginning of a lengthy cutting cycle. "That is not what we're seeing now, that's not our perspective now," he added.
Subscribe to continue reading the article.
This article is part of our premium content offering.Subscribe with a RTTNews subscription.
Subscribe NowAlready subscribed? Sign in
For comments and feedback: editorial@rttnews.com