Fed Update : Fed cuts IOER by 5 basis points to 2.35% from 2.40%
Fed officials decided to lower the interest paid on excess reserves by 5 basis points to 2.35 percent, effective May 2, although policy makers kept the overall target range for the fed funds rate unchanged at 2.25 percent to 2.50 percent.
Fed Chairman Jerome Powell described it as a "small technical adjustment" that doesn't reflect any shift in stance of monetary policy.
Impact : Medium
Sentiment : Good for Dollar
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