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The Federal Reserve raised its benchmark rate by half a point to a target range of 4.25% to 4.5%, the highest in 15 years. Officials projected a terminal rate of 5.1% and signaled no cuts until 2024.
The move broke a run of four straight three-quarter-point hikes.
Higher-for-longer U.S. rates tend to strengthen the dollar, which pressures dollar-denominated commodity prices and slows demand from credit-sensitive buyers. The hike was widely expected, so the surprise is limited.
cnbc.comJeff CoxJan 1, 2023After 2,356 past bullish macro events, US Dollar (Broad) moved a median +0.2% over 5 sessions (60% higher; middle half -0.3% to +0.7%), and +0.4% over 20.
Moves of each commodity's benchmark from the last close before the event. Historical reads pool past events of the same kind; they describe what happened, not what will. Not investment advice.
