Shares tick higher as Fed hikes rates, dollar jumps
The US dollar hit a seven-week high against its major peers, underpinned by a jump in short-term Treasury yields as markets ramped up wagers that the Fed may have to lift rates again, with a move by December fully priced in.
The US dollar reached a seven-week peak against its major rivals after the Federal Reserve raised interest rates by a quarter point, signaling potential further hikes. Short-term Treasury yields surged, driving markets to speculate about another rate increase in October. Investors bet on the Fed finally tackling inflation, resulting in a first rate hike in over three years.
The US dollar soared to 100.33 against a basket of currencies, up 0.7 percent. However, commodities suffered, with Brent crude futures falling 0.7 percent to $105.05 a barrel and gold rising 1 percent to $4,305 an ounce. The next rate hike is expected to be in November, as the Bank of England maintains its rate steady.
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