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.
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Forex News
May 01, 2026 15:54 ET Central banks dominated the economics news flow this week with almost all major ones announcing their latest policy decisions and many boosted expectations for a rate hike in June. In other news, several countries released the preliminary data for first quarter economic growth. In the U.S., comments by Fed Chair Jerome Powell were also in focus as his term ends this month.