Breaking: 13 Fed policymakers see first rate hike in 2023

The US Federal Reserve's updated Summary of Projections revealed on Wednesday that seven policymakers see a lift-off in the fed funds rate from zero in 2022, compared to four policymakers in March's publication. Additionally, the number of policymakers who see a lift-off in the fed funds rate from zero in 2023 rose to 13 from seven in March. 

Follow our live coverage of the FOMC decision and the market reaction.

Market reaction

With the initial market reaction, the US Dollar Index shot higher and was last seen rising 0.45% on a daily basis at 90.92.