Fedspeak Propels Dollar Higher
Treasury yields and the dollar jumped by the most in a week during yesterday’s session when Minneapolis Fed President Neel Kashkari said he expected the central bank to keep rates elevated for an “extended period of time” as it waits for price growth to slow on a sustained basis. Speaking at the Milken Institute Global Conference, he warned “If inflation starts to tick back down or we saw some marked weakening in the labour market then that might cause us to cut back on interest rates’” but “If we get convinced eventually that inflation is embedded or entrenched now at...