The dollar climbed broadly on Thursday after the Federal Reserve
raised interest rates by a widely-expected half a percentage point overnight, and its policymakers foresaw making further hikes andSetting out the Federal Open Market Committee's determination to tame inflation despite a risk of recession, Fed Chair Jerome Powell said rates wereThe kiwi slumped 0.3% to $0.6440, and against the Japanese yen , the dollar rose 0.17% to 135.705.
"The upshot is that the Fed is not merely indicating a higher peak, but is emphasizing on restrictive rates for longer." Fed funds futures show that markets are expecting U.S. rates to peak just under 5% by May next year, lower than what the Fed has guided.
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