SHANGHAI, Mar 23 - This is a roundup of global macroeconomic news last night and what is expected today.

The U.S. dollar slid on Wednesday after the U.S. Federal Reserve raised its key rate by a quarter of a percentage point, as widely expected, and pointed to just one more rate hike this year.

The Fed's“dovish hike” should mean a lower dollar in the coming weeks and days, provided that bank liquidity issues remain at bay.

The dollar fell 0.82% against the Japanese yen, while Sterling was last trading at $1.2268, up 0.41% on the day.

The Fed projected at least one additional interest rate increase of 25 basis points by the end of 2023, but suggested that could represent at least an initial stopping point for the rate hikes.

U.S. equity futures were slightly higher on Wednesday evening as traders digested the latest policy update from the Federal Reserve.

Futures tied to the Dow Jones Industrial Average added 71 points, or 0.2%. S&P 500 futures rose 0.2%and Nasdaq 100 futures advanced by 0.1%.

The major averages tumbled in regular trading, with the Dow losing more than 530 points, or 1.6%, after rising as much as 201 points earlier in the day. The S&P 500 and Nasdaq Composite each dropped more than 1.6%.

The Fed’s decision and subsequent comments by Chair Jerome Powell at the conclusion of the policymakers’ two-day meeting weighed on stocks.

Oil prices rose about 2% to a one-week high on Wednesday as the dollar slid to a six-week low after the U.S. Federal Reserve delivered an expected small rate hike while hinting that it was on the verge of pausing future increases.

Brent crude futures rose $1.37, or 1.8%, to settle at $76.69 a barrel, while U.S. West Texas Intermediate crude (WTI) ended $1.23, or 1.8%, higher at $70.90.

That was the highest closes for both crude benchmarks since March 14.

Gold prices jumped Wednesday as traders absorbed the U.S. Federal Reserve’s interest rate decision and settled up 0.44% at 1,949.6.

European stock markets closed slightly higher on Wednesday after U.K. inflation unexpectedly accelerated and investors around the world awaited the U.S. Federal Reserve's latest decision on interest rates.

After a choppy morning, the pan-European Stoxx 600 index closed 0.2% higher, having pared earlier gains. Food and beverage stocks ticked 1.3% higher while the financial services sector was down 1.1%.