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Fed Chair Jerome Powell said that the economy is doing well, the tightening reflects the strength of the economy and that “overall financial conditions remain accommodative”.

This sheds a different light on the statement that did not contain the words “accommodative policy”. Markets had interpreted it as a hint that the Fed is nearing an end to its tightening cycle. The US Dollar initially dropped. It is now reversing course and rising above the pre-release levels.

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