Peru’s benchmark borrowing costs in dollars fell to a two-week low after minutes from the Federal Reserve’s latest policy meeting damped expectations for more monetary stimulus.

The extra yield investors demand to own Peruvian government bonds instead of U.S. Treasuries fell 11 basis points, or 0.11 percentage point, to 148 at 3:36 p.m. in Lima, according to JPMorgan Chase & Co.’s EMBIG index.

U.S. Treasuries fell after the Fed indicated it is holding off on increasing monetary accommodation unless the economic expansion falters or prices rise at a rate slower than its 2 percent target. The statement disappointed investors who had been expecting the Fed to signal plans for a new round of asset purchases, said Alberto Bernal, head of fixed-income research at Bulltick Capital Markets in Miami.

“Even though the economy isn’t out of the woods, it doesn’t need further easing at this point,” Bernal said.

The sol was little changed at 2.6670 per U.S. dollar, from 2.6680 yesterday, according to Deutsche Bank AG’s local unit.

Peru’s central bank bought $65 million in the spot market today to stem gains in the sol. It paid 2.6670 soles per dollar, according to a statement on its website.

To contact the reporter on this story: John Quigley in Lima at jquigley8@bloomberg.net

To contact the editor responsible for this story: David Papadopoulos at papadopoulos@bloomberg.net