(Washington,March,17,2017):The US central bank has, as universally expected, raised interest rates again in the face of a strengthening domestic economy.
The Fed raised its target rate to 0.751.0 per cent on Wednesday, up from 0.50.75 per cent previously.Only one voting member of the Federal Open Market Committee, Neel Kashkari of the Minneapolis Fed, voted against the increase.
The FOMC members also stuck with their socalled dotplot projection of a total of three hikes in rates in 2017, going against expectations in some quarters of a more aggressive forecast for monetary tightening.
That implies two further hikes later this year.
The dollar index initially slumped to 101.04 in the wake of the data having previously been at 101.5.