Peru

Lima, September 17, 2026. The US Federal Reserve raised its benchmark interest rate by a quarter of a point on Wednesday, to a range of 3.75% to 4%, its first increase since July 2023. The decision, made unanimously by the Federal Open Market Committee (FOMC) under the presidency of Kevin Warsh, aimed, according to the official statement, to ensure "a faster return to the 2% inflation target". For Peruvian markets, the news nonetheless caused no shock: the dollar closed the day with a slight decline, at S/3,370, against S/3,372 on Tuesday, according to RPP Noticias. "The Fed not only materialized the expected increase, but also showed a greater willingness to maintain restrictive monetary conditions," commented Mauricio Guzmán, head of investment strategy at SURA Investments, quoted by RPP. The explanation lies in anticipation: the exchange rate had already risen to S/3,381 on Monday, against S/3,365 on Friday, with the market integrating the decision in advance. Economist Melvin Escudero recalled that the rise in oil prices, from a range of $65 to $85 to over $100 a barrel, as well as robust US employment data, had already changed investor sentiment even before the official announcement. In terms of prospects, the Fed revised its median rate projection for the end of 2026 upward, to 4.1% from 3.8% in June, and sixteen officials out of nineteen now anticipate at least one more rate hike this year, compared to six in June. Gestión also notes that this decision could strain the relationship between Warsh and Donald Trump, who appointed him to head the institution. The dollar also recorded its best session in three months against a basket of currencies, in anticipation of further rate hikes. For the Peruvian economic press, the immediate issue remains less the decision itself than its trajectory: a new increase is deemed almost certain before the end of the year, with direct consequences on the cost of credit in dollars and on the stability of the ground in the coming months.