Market Wire: Dollar Slides As Fed Pledges to Take Economic Risks “Into Account”
The Federal Reserve’s rate-setting committee raised benchmark rates by 75 basis points and hinted at a more gradual tightening pace in the months ahead. At the conclusion of its two-day meeting, the Federal Open Market Committee unanimously voted to raise the target range for the federal funds rate to 3.75-to-4 percent, with no dissents in favour of a smaller move. In a largely-unchanged official statement setting out the decision, policymakers set the stage for a more nuanced approach to setting rates, saying “In determining the pace of future increases in the target range, the Committee will take into account the...