As expected, the FOMC increased interest rates by .25 bp to 0.75% and they project 3 possible rate-hikes in 2017. Also, the Federal Reserve expects CPI to rise back to 2% over the medium term. Economic outlook is still the key measurement for the Fed to consider future changing on monetary policy and rate hikes.

The Dollar Index posted a new 13-year high of 112.50, EUR/USD moved to a 1-year low of 1.0450 and USD/JPY is approaching the 118 level. Key events of the day, SNB rate decision, UK retail sales, BOE will release the official rate and monetary policy summary, US CPI data and Unemployment Claims.

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Currencies: The USD set a 10-month high against the Yen early on Thursday and was last up 0.3 percent at 117.390. The Chinese yuan fell to its lowest levels in more than eight years, after the central bank set the daily mid-point at the lowest since mid 2008. Sterling was 0.1 percent lower at $1.2553 GBP after hitting a two-week low of $1.2515.

Stocks: The Dow Jones Industrial Average fell 118.5 points, or 0.6%, to 19,792.66. The S&P 500 index lost 18.44 points, or 0.8%, to trade at 2,253.28. The Nasdaq lost 27.16 points, or 0.5%, to 5,436.67.

Oil and Gold: Oil prices stabilized as a tighter market looms in 2017 due to planned output cuts led by OPEC and Russia, after sharp declines earlier following Wednesday’s U.S. interest rate increase that drove investors out of commodities. BRT was trading at $53.93 a barrel while WTI was trading at $50.95 per barrel, down 9 cents. Gold prices slumped to a 10-month low after the Federal Reserve announced a 0.25% interest rate hike and raised its expectations for rate increase over the next few years