Dollar Slumps After Fed Decision
The U.S. dollar tumbled sharply Wednesday afternoon after the Federal Reserve surprised markets by escalating its quantitative-easing program, signaling a more aggressive approach to keeping longer-term yields low and stabilizing credit markets in the U.S. The dollar sold off broadly after the Fed said it would expand its purchases of mortgage-backed securities by an additional $750 billion and spend as much as $300 billion to purchase U.S. Treasurys. The euro reached $1.3499, its highest level since Jan. 9, after the Fed's statement, marking one of its biggest intraday gains.
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