The dollar extended its rally on Wednesday while Treasury yields held gains, weighing down stocks and commodities amid expectations for aggressive monetary tightening by the Federal Reserve to tackle inflation.
is around the highest level since 2014. The economic data spurred bets on another 75 basis points Fed interest-rate hike.scheduled bond purchases as the intensifying weakness in Treasuries puts upward pressure on global yields.
Markets are also contending with a debilitating energy crisis in Europe and Covid lockdowns in China, which continues to pursue a strategy of eliminating the virus despite the attendant economic cost. Concerns are growing about the outlook for company earnings given the various global economic headwinds.
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