Thornburg Investment Management Co-Head of Investments Jeff Klingelhofer in The Wall Street Journal

U.S. Dollar Tumbles After Powell Rules Out Larger Rate Increases

The U.S. dollar tumbled after Federal Reserve Chairman Jerome Powell took the prospect of larger interest-rate increases off the table. The Fed approved a half-percentage-point interest rate increase Wednesday.

The WSJ Dollar Index, which measures the U.S. currency against a basket of 16 others, fell nearly 1% to 94.85 Tuesday. The move halts a winning streak that has pushed the dollar to multidecade highs as investors bet the Fed will move faster than other global central banks to tame inflation.

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