Dollar Soars after Powell Expresses Little Concern About Inflation and Rates
March 4, 2021 Daily FX Market Roundup 03.04.2021 By Kathy Lien, Managing Director of FX Strategy for BK Asset Management The U.S. dollar traded sharply higher against all of the major currencies after Federal Reserve Chairman Powell expressed little to no concern about the recent spike in yields. Ten year Treasury yields climbed 4%, closing in on one year high. Stocks crashed in response with the Dow Jones Industrial Average falling more than -300 points. The spike in yields is bad for stocks because higher borrowing costs slows the recovery. The benchmark 30 year mortgage rate for example...
Source: bkassetmanagement.com