Close this search box.

Explore the world.

Assess underlying fundamentals and market conditions in the world's major economies.


Stay ahead.

Follow the biggest stories in markets and economics in real time.

Connect with us.

Learn more about Corpay Cross-Border and the currency research team.


Get insight into the latest trends and developments in global currency markets with breaking news updates and research reports delivered right to your inbox.

After signing up, you will receive regular newsletters from Corpay, and may unsubscribe at any time. View Corpay’s Privacy Policy

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 cumulative tightening of monetary policy, the lags with which monetary policy affects economic activity and inflation, and economic and financial developments”.

Markets rallied in the moments after the release as traders lowered odds on a three-quarter-point move at the December meeting. US equities climbed, two- and ten-year government bond yields weakened, and the dollar slid.

Market focus is now shifting to the press conference, where Jolly Old St. Powell’s comments could put coal or chocolate in investor stockings.

Nvidia Earnings Top Estimates, Markets Surge
Fed Worried About Cutting Too Soon
Markets Mark Time Into Fed Minutes, Nvidia Earnings
AUD recovery continues
Canadian Inflation Decelerates Sharply in January
Dollar Steadies As Rate Cut Consensus Falters