Dollar hits 6-mth high versus yen on higher-for-longer US rate expectations
Reuters
23-05-23 01:31
The US dollar has surged to a six-month high against the Japanese yen as expectations grow that rates across the US will remain stronger for longer. The impasse surrounding the debt ceiling has also weighed on risk sentiment. A number of Federal Reserve policy makers spoke on Monday and many hinted that the central bank still has further to tighten monetary policy. Minneapolis Fed President Neel Kashkari said that US rates may have to go above 6% for inflation to return to the central bank's 2% target.