The US dollar rose on Monday after hitting a two-decade high, as risk-off mood increased the greenback’s attractiveness, fueled in part by concerns about the Federal Reserve’s capacity to manage rising inflation.
The dollar has increased for five weeks in a row as U.S. Treasury rates have risen on anticipation that the Federal Reserve will act aggressively to combat inflation.
On Monday, Minneapolis Fed President Neel Kashkari warned the US central bank may not get as much support in lowering inflation from relaxing supply chains as it had hoped. Atlanta Fed President Raphael Bostic said the Fed may keep interest rate rises to half-percentage points for the next two to three policy sessions before assessing inflation and the economy’s response.
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