The U.S. dollar advanced against its peers on Wednesday ahead of the Federal Reserve’s monetary policy decision later in the session, with markets expecting the central bank to deliver its third consecutive interest rate cut.
The Fed will likely lower its benchmark policy rate by 25 basis points to the 4.25% to 4.50% range and officials are expected to also signal a pause in rate cuts next year. The futures market currently implies a nearly 97% chance of a cut, according to the CME’s FedWatch tool.
The Fed will release its policy statement and updated economic projections at 2 p.m. EST (1900 GMT), with Chair Jerome Powell scheduled to hold a press conference half an hour later.
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Expecting bull market