Published by Jamie JemmesonThe Federal Reserve has conceded that its ultra-loose interest rate policy may be fuelling risk-taking in dollar trading.The Federal Reserve's Open Market Committee has declared that its decision to keep interest rates pegged back at near-zero levels may be encouraging "excessive risk-taking" or an "unanchoring of inflation expectations".In the minutes of the committee's latest policy meeting, the dollar's decline was described as orderly, but the Fed's role in fuelling risk-taking was also admitted.Speaking to Bloomberg, Marvin Goodfriend, a former policy adviser at the Richmond Fed who is now a professor at Carnegie Mellon University in Pittsburgh, commented: "Financial markets have been doing much better than people might have expected. The Fed is saying to markets: 'Don't overdo it.'"The Fed last week faced criticism from China and Japan, which blamed low interest rates in the US for the recent rise in commodities prices.Crude futures are currently just below the $80-a-barrel mark, recovering from a nadir of $36 a barrel at the beginning of the year.For more information on foreign exchange treasury services and risk management, visit our Corporate FX site