Fed raises interest rates for the 1st time in 2018
(VOVWORLD) - The Federal Reserve of the United States raised interest rates by 25 basis points to 1.75 percent on Wednesday to sit at 1.50-1.75 percent, a sign of confidence that the economy is growing stronger with very low unemployment and rising wages.
However, the U.S. dollar saw its largest one-day loss in two months against major currencies. The U.S. dollar index (DXY), which tracks the greenback versus a basket of six currencies, fell 0.693 points or 0.77 percent, to 89.678, its steepest one-day drop since Jan. 24 when it fell by one percentage point. Stock markets in Europe and the US recorded downward trends by the end of Wednesday’s transactions. Meanwhile, Thursday morning’s transactions saw increases across most of the Asian stock markets.