With US economic activity described as strong and inflation elevated, the Federal Reserve held rates at 3.75-4.00% while signalling that a December hike remains possible. HSBC’s FX Viewpoint, dated 2 November 2026, assesses the latest FOMC decision and the outlook for the Dollar. Despite the potential for volatility along the way, HSBC retains its strong USD view into 2027. "At its 27-28 October meeting, the FOMC voted 10 to 2 to hold the federal funds target range steady at 3.75-4.00%, in line with expectations." "The accompanying statement left the door open for a December hike." "We have maintained our strong USD view for several months, supported by US economic resilience, a hawkish Fed, and challenges facing other major currencies.
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