Dollar Index Falls 0.19% to 102.124 as Fed Holds Rates

The dollar's slide during the Fed chair's opening remarks, rather than on the rate decision itself, suggests markets were parsing tone and delivery more than the widely expected hold. That intraday reversal — a rebound on the announcement followed by a sharper drop once Warsh began speaking — points to sensitivity around forward guidance and communication style, which matters for anyone holding dollar-denominated exposure or pricing cross-border RWA deals off the greenback. Whether the index holds above the session low and how the next round of Fed commentary is received are the open questions.