- Markets Insider
The dollar is climbing after the Federal Reserve decided to raise its benchmark interest rate by 25 basis points to a range of 0.50% to 0.75%, as virtually all market watchers were expecting.
The US dollar index is up by 0.6% at 101.69 as of 2:25 p.m. ET.
Earlier in the morning, the benchmark was down by 0.2%.
In its unanimous decision, the Federal Open Market Committee (FOMC) noted improvement in the jobs market and the drop in the unemployment rate to a pre-recession low.
Additionally, the committee upped its expectation for the number of hikes in 2017, up to three from the prior forecast of two.
The dollar has been stronger against most major and emerging market currencies since Donald Trump’s election. It has hovered around 100-101.83 since around mid-November.