Dollar gains on Yelen comments, tax reform
Bonds slide in US and Europe
The US dollar rose following comments on Tuesday from Fed chair Janet Yellen reiterating policy makers’ intention to raise interest rate in December. Traders were unmoved when she signaled this last week, but along with new details of a framework for tax cuts, which could include a capital repatriation incentive, it was enough to boost the greenback.
S&P Futures gained, also helped by the prospect of corporate tax cuts. The President is set to announce the tax plan today.
The yield on 10-year Treasuries jumped over 2.30 Wednesday morning, a two-month high.