Dollar slips as global yields inch higher
The dollar is retreating from yesterday’s extreme levels as currency markets stage a modest and hesitant recovery against a materially-tighter financial backdrop. Benchmark Treasury yields holding near a 15-year peak on fears that the Federal Reserve will keep rates higher for longer, and rates in most major advanced economies are pushing upward in sympathy. North America A record of the Fed’s July policy meeting showed officials remaining relatively hawkish. Some policymakers turned more cautious, pointing out that risks had become “more two-sided,” making it “important that the committee’s decisions balance the risk of an inadvertent over-tightening of policy against the cost...