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ICICI Direct Report
U.S. Federal Reserve maintained its target range for federal funds rate at 0 to 0.25%. The central bank decided to begin reducing monthly pace of its net asset purchases by $10 billion for treasury securities and $5 billion for mortgage backed securities each month.
The Central Bank said similar reductions in the pace of net asset purchases will likely be appropriate each month but is prepared to adjust the pace of purchases if warranted by changes in economic outlook.
U.S. Federal Reserve Chairman Jerome Powell reiterated that conditions for interest rate hike would be more stringent and would require improvement in the labour market.
Impact on dollar Index:
The dollar Index may continue its positive bias as the U.S. Federal Reserve decided to start reducing the monthly pace of its net asset purchases by $10 billion for treasury securities and $5 billion for agency mortgage-backed securities each month.
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