Dollar Tumbles as Fed Stresses Gradual Path for Interest Rates

  • Greenback erases gain against euro; pares rally versus yen
  • Fed says risks have diminished, cites tighter labor market

No Surprise: Fed Leaves Rates Unchanged

The dollar tumbled versus the euro after the Federal Reserve kept interest rates unchanged while underscoring a gradual pace toward tighter monetary policy, casting doubt on officials’ willingness to raise borrowing costs before year-end.

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