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Barchart
Rich Asplund

Dollar Recovers Early Losses on Hawkish FOMC

eurozone ECB Gold US Federal Reserve

The dollar index (DXY00) on Wednesday recovered from early losses and rose +0.11%.  The dollar on Wednesday opened lower on weaker T-note yields and on strength in stocks that curbed liquidity demand for the dollar.  However, the dollar recovered its losses and moved higher after the FOMC's dot plot of interest rate projections showed policymakers still foresee one more rate hike this year and raised the median fed funds target for 2024 and 2025 by 50 bp.

The FOMC, as expected, unanimously voted to hold the fed funds target range unchanged at 5.25% to 5.50%, but 12 of 19 policymakers are expecting one more 25 bp rate hike this year.

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