Dollar gains as Wall Street retreats on future Fed hikes

in recent days, marked by wide fluctuations and heightened volatility. The Dow Jones Industrial Average fell 0.02%, the S&P 500 lost 0.54%, and the Nasdaq Composite fell 1.4%.Markets opened higher as new data showed theBut, as has been the case most of the week, gains were pared as investors processed how strong economic growth might inform the Fed’s thinking.

In its latest policy update on Wednesday, the Fed indicated it was likely to raise rates in March, as widely expected, and reaffirmed plans to end its pandemic-era bond purchases that month before launching a significant reduction in its asset holdings. The outlook for aggressive rate hikes has led to a major reset globally, said Ed Moya, senior market analyst at OANDA.

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