NEW YORK (Reuters) – The dollar slipped and the yen held steady near multi-decade lows on Wednesday after the Federal Reserve left interest rates unchanged as expected and said it still projected three rate cuts this year even as inflation remains elevated.
The dollar index, a measure of the U.S. currency against six major trading partners, fell 0.01%, while the yen weakened 0.56% at 151.69 per dollar.
The Fed’s updated quarterly economic projections showed the personal consumption expenditures price index excluding food and energy rising at a 2.6% rate by year-end, compared to 2.4% in the projections the U.S. central bank issued in December.
(Reporting by Herbert Lash; Editing by Chris Reese)
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