Market News
Dollar index hits two-year high after Fed delivers rate cut - REUTERS
- Dollar index hits highest since Nov 2022
- Euro drops to three-week low
- Swiss franc jumps to highest since July
- Bitcoin drops by 5%
NEW YORK, Dec 18 (Reuters) - The U.S. dollar advanced against its peers on Wednesday, hitting its highest level in two years, after the Federal Reserve delivered a widely expected interest rate cut while also indicating it would slow the pace of its monetary policy easing cycle.
The Fed lowered its benchmark policy rate by 25 basis points to the 4.25% to 4.50% range, with officials signaling they would likely pause future rate cuts next year given a stable labor market and inflation. The yield on benchmark U.S. 10-year notes rose 6.1 basis points to 4.446%, hitting a four-week high.
