NEW YORK (Reuters) – Losses narrowed on Wednesday after the Federal Reserve kept interest rates unchanged and backed away from long-standing statements that borrowing costs could rise further.
However, the latest policy statement from the US central bank gave no hint that a rate cut was imminent. It said the policy-making Federal Open Market Committee “does not expect it will be appropriate to reduce the target range until it has greater confidence that inflation is moving sustainably toward 2%,” the Fed’s inflation target. .
The dollar index was last unchanged on the day at 103.39. The euro was last down 0.16% on the day at $1.08275. The US dollar pared losses against the yen and was last down 0.66% on the day at 146.72 yen.