Rates Stable, Dollar Declines

Wed., Sept. 25, 1996

The dollar fell broadly Tuesday as the Federal Reserve surprised many traders and left short-term interest rates unchanged.

Financial markets have been fixated in recent weeks on whether the Fed would raise interest rates to cool off any inflation threat posed by an economy that shows continued signs of strength.

The dollar would have benefited from higher rates, which make returns on U.S. assets more attractive to foreign investors. Those investors would have to buy dollars to acquire the assets.

Before Tuesday’s meeting of the central bank’s policy-making Federal Open Market Committee, a slim majority of participants in many financial markets thought the Fed would raise rates.

Exchange Currency in Dollars Dollar in foreign currency Canada .7319 1.3664 France .1962 5.0970 Germany .6662 1.5011 Great Britain 1.5655 .6388 Italy .000656 1523.50 Japan .009174 109.00 Mexico .132979 7.5200

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Rates Stable, Dollar Declines

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