# FOMC Statement and Powell’s Press Conference –  Currency Thoughts

> The FOMC's March 22 statement raised the fed funds range to 4.75%-5.00% and added language that the US banking system is sound but that recent events will tighten credit. The statement replaced ongoing rate increases with additional policy firming, implying possibly one more hike.

- Date: 2023-03-22 · published 2023-03-22T12:00:00.000Z
- Category: macro · region US · magnitude medium
- Page: https://feedsoft.ai/events/36782-fomc-statement-and-powell-s-press-conference-currency-thoughts
- Commodities: [US Dollar (Broad)](https://feedsoft.ai/c/DXY.md)

## Why it matters

Signals that tightening is nearly complete and that credit conditions will tighten can weigh on the dollar and on economic activity, which affects demand for livestock and feed. The effect on feed prices is indirect.

## Similar past events

| Commodity | Date | Event | 5-day % | 20-day % |
| --- | --- | --- | --- | --- |
| DXY | 2019-09-12 | [ECB press conference - introductory statement \| Bank for International Settlements](https://feedsoft.ai/events/57277-ecb-press-conference-introductory-statement-bank-for-international-settlements.md) | -0.3% | +0.3% |
| DXY | 2020-09-10 | [Christine Lagarde: ECB press conference - introductory statement](https://feedsoft.ai/events/51333-christine-lagarde-ecb-press-conference-introductory-statement.md) | -0.7% | +0.2% |
| DXY | 2018-06-13 | [Transcript: Fed Chairman Jerome Powell’s Postmeeting Press Conference](https://feedsoft.ai/events/64441-transcript-fed-chairman-jerome-powell-s-postmeeting-press-conference.md) | +1.3% | +0.6% |
| DXY | 2025-01-26 | [Commodity markets to focus on FOMC statement and US core PCE that to shape policy expectations](https://feedsoft.ai/events/26416-commodity-markets-to-focus-on-fomc-statement-and-us-core-pce-that-to-shape.md) | +0.8% | -0.2% |
| DXY | 2022-08-26 | [Currencies: High Volatility After J. Powell's Statements - Stocks and Securities \| Investments and Western Union Colombia](https://feedsoft.ai/events/40313-currencies-high-volatility-after-j-powell-s-statements-stocks-and-securities.md) | +1.1% | +3.4% |

## Sources

- currencythoughts.com: https://currencythoughts.com/2023/03/22/fomc-statement-17/

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Data from Feedsoft AI (https://feedsoft.ai/). For information only; not investment advice.