Press Release

The Federal Reserve and U.S. Treasury Did Not Intervene in FX Markets During the Third Quarter

November 10, 2022

NEW YORK—The Federal Reserve and U.S. Treasury did not intervene in foreign exchange markets during the July – September 2022 quarter, the Federal Reserve Bank of New York said today in its quarterly report to the U.S. Congress.

The U.S. dollar, as measured by the Federal Reserve Board’s broad trade-weighted dollar index, appreciated 5.4 percent in the third quarter of 2022. The move was attributed to ongoing dollar demand amid a further deterioration in risk sentiment fueled by global growth concerns, as well as a steepening in the expected path of the Federal Reserve’s policy rate. The dollar appreciated 9.0 percent against the British pound, 7.0 percent against the euro, 6.6 percent against the Japanese yen, and 6.2 percent against the Chinese renminbi.

The report was presented by Patricia Zobel, senior vice president of the Federal Reserve Bank of New York and the Federal Open Market Committee's manager pro tem for the System Open Market Account, on behalf of the Treasury and the Federal Reserve System.

The full report is available on the New York Fed’s website.

Contact
Connor Munsch
(347) 224-1175
connor.munsch@ny.frb.org

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