The U.S. dollar hit its highest level against a basket of major currencies in nearly 14 years on Wednesday after the Federal Reserve raised interest rates for the first time this year and signaled a faster pace of increases in 2017. The dollar index hit 102.350, its highest level since early January 2003, after the U.S. central bank raised the target federal funds rate by 25

basis points to between 0.50 percent and 0.75 percent and projected three rate hikes next year from two as of September. The index, which gained about 1.3 percent, measures the dollar against a basket of six major currencies. The Fed’s last hike was a year ago, when it increased rates from the zero lower bound reached during the 2007-2009 financial crisis. READ MORE