at 18:00 GMT, sought by traders as they would provide insight into the US central bank’s forward path.
That helped the greenback, which initially witnessed weakness, though the Fed’s hawkish hold limited its losses. OF note, Fed Chair Jerome Powell stuck to the 50 bps of tightening pending to be raised at his public appearances while downplaying a recessionary scenario and emphasizing the tightness of the labor market.
FOMC stands for The Federal Open Market Committee that organizes 8 meetings in a year and reviews economic and financial conditions, determines the appropriate stance of monetary policy and assesses the risks to its long-run goals of price stability and sustainable economic growth.
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