The Federal Reserve raised interest rates by 25 basis points as expected, and the dollar fell sharpl

Cwgmarketspromotion03 Feb, 2023Business

The US dollar extended its decline on Wednesday, falling to a nine-month low against a basket of currencies. After Fed Chairman Powell talked about progress in reducing inflation pressure, the Fed still warned that it would further tighten monetary policy. Powell said at the news conference after the Federal Reserve announced the interest rate increase of 25 basis points as expected that he was not fully sure where to stop raising borrowing costs in the process of cooling inflation.