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The US Dollar is falling sharply on the news from the Fed. EUR/USD is trading close to 1.1400, GBP/USD tops 1.3200, and USD/JPY is around 111.25.

— more to come

Follow all the updates in our Fed live coverage

The Fed was expected to leave its policy unchanged and to provide further details on its plans regarding interest rates. After raising interest rates in December, the Fed has signaled a patient approach to the next moves. Markets closely watch the forecasts for interest rates.  

Fed Chair Jerome Powell recently said that the US economy is in a good place while noting headwinds from abroad.  

 

Markets are also eyeing further details about the balance sheet reduction program, also known as Quantitative Tightening.