FX.co ★ US Dollar Steady as Fed Holds Rates

The US Dollar Index was little changed around 102.3 on Wednesday after the Federal Reserve left interest rates unchanged, reiterating its commitment to bringing inflation under control. Policymakers, however, gave no clear signal that another rate increase is likely at their next meeting in December. The decision was not unanimous: Governor Lisa Cook and Cleveland Fed President Beth Hammack dissented in favor of a 25-basis-point hike. The move comes less than a week before the November midterm elections, amid broad public dissatisfaction with the state of the economy. Recent polls indicate a highly competitive electoral landscape, though Democrats appear to hold an edge in several key races. Investors now turn their attention to Fed Chair Kevin Warsh’s upcoming press conference for further insight into the central bank’s policy stance and the likely path of interest rates in the months ahead.