Dollar strengthens after Fed chair remarks, stocks higher
Updated : July 17, 2018 11:52 PM IST
In written testimony, Fed Chairman Jerome Powell said the economy was on the cusp of "several years" of the job market remaining strong and inflation remaining around the Fed's 2 percent target.
The US dollar pared gains immediately following the release of the testimony, but then quickly bounced back and added to gains.
US Treasury yields rose, with the two-year yield hovering near a decade high, as Powell's comments supported traders' view of further rate increases from the US central bank.
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