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Aussie Dollar Tumbles Following Hawkish FOMC
The Australian dollar has dropped against the US dollar following the release of hawkish minutes from the Federal Open Market Committee (FOMC). The minutes indicated that the Federal Reserve might raise interest rates if inflation necessitates such action. The minutes stated that various participants mentioned willingness to tighten policy further should risks to outlook materialize and make such action appropriate. Additionally, the FOMC minutes highlighted that Fed officials are still uncertain about the current level of policy restrictiveness and acknowledged that achieving confidence in inflation consistently ... (full story)