The dollar tumbled on Wednesday after the FOMC kept interest rates unchanged. The jump in crude prices raises inflation expectations and could prompt the Fed to tighten monetary policy, a supportive factor for the dollar. The FOMC, as expected, kept the fed funds target range unchanged at 3.50% to 3.75% in a 9-3 vote, with Cleveland Fed President Beth Hammack, Minneapolis Fed President Neel Kashkari, and Dallas Fed President Lorie Logan voting for a quarter-point rate hike. The IRGC also claimed to have hit and halted three tankers attempting to transit through the Strait of Hormuz. The markets are discounting a 59% probability of a +25 bp rate hike at the next FOMC meeting on September 15-16.