In those minutes, a number of members of the U.S. Federal Reserve’s Federal Open Market Committee (FOMC) said that should the economic recovery continue to gain momentum, it would be appropriate “at some point” to discuss tightening its accommodative policy, giving the greenback a boost.
Since then, the Fed has repeatedly offered assurances that surging prices in the near term will not translate to long-term inflation.
10-year Treasury yield rises as Fed hints at reconsidering asset purchases in upcoming meetings
The yield on the benchmark 10-year Treasury note rose 4 basis points to 1.678% at around 4:00 p.m. ET.
The dollar also benefited from a broad risk-off sentiment, which saw the major U.S stock indexes slide and cryptocurrencies plunge.
The dollar index, which measures the greenback against a basket of world currencies, was last up 0.52% at 90.254.
Bitcoin briefly plunged to its lowest level since January in the wake of China’s decision to ban financial and payment institutions from providing digital currency services, but pared its losses after some of its prominent backers reiterated their support.
Rival cryptocurrency ethereum was last down 22% at $2,623.
Meanwhile, pricing pressures were being felt elsewhere. UK inflation more than doubled in April to 1.5% from a month earlier, sparking similar concerns over longer-term inflation.
The British pound eased 0.58% against the dollar to $1.4106.
Meanwhile, pricing pressures were being felt elsewhere. UK inflation more than doubled in April to 1.5% from a month earlier, sparking similar concerns over longer-term inflation.
The British pound eased 0.58% against the dollar to $1.4106.
Reference: CNBC
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