The Federal Open Market Committee (FOMC) voted to raise interest rates by 75 basis points at its meeting moments ago, as expected, to 4%.
The interest statement issued by the bank stated that inflation is still high, and the committee confirmed that the continuous increases in interest rates aim to return inflation to the bank’s target of 2% over time.
In his press conference that followed the statement, US Federal Reserve Chairman Jerome Powell stressed that the US economy is slowing significantly compared to last year.
Powell emphasized that it would be appropriate to start slowing the rate of interest rate hike in the coming period and that the next increases would be approved based on economic data.
The US dollar reacted negatively after the Fed’s decision, especially with the hint of the possibility of starting to slow the pace of monetary tightening, as the general index of the US dollar lost about 1% to test 110.40 levels before rising again and is now trading at 111.40 levels.
02/11/2024
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