Press Release

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

May 09, 2024

NEW YORK—The Federal Reserve and U.S. Treasury did not intervene in foreign exchange markets during the January – March 2024 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 2.2 percent in the first quarter of 2024. The dollar appreciated broadly against most advanced and emerging market currencies, driven largely by U.S. economic data that suggested slower inflation deceleration and stronger growth, and Federal Open Market Committee communications that contributed to a significant upward repricing of the Federal Reserve’s path of policy.

Notably, the dollar appreciated by 7.1 percent and 7.3 percent against the Swiss franc and Japanese yen, respectively. Elsewhere, the dollar appreciated against most major emerging market currencies, with the exception of the Mexican peso.

The report was presented by Roberto Perli, the Federal Open Market Committee's manager 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.
Connor Munsch
(347) 224-1175
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