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What gives with the US Dollar currently? The yield on two-year US Treasury bonds has risen above levels prior to the Great Financial Crisis of 2008, which compares extremely favourably to the two-year duration German (Euro) Government bond yield, UK (Sterling) gilt yield and Japan (Yen) Government bond yield, but all three currencies have rallied against a falling Dollar since Autumn.
Fears about rising inflation have been cited as one cause behind the recent correction in equity markets, which started after US economic data showed that wages grew by their fastest rate in nine years in January. Understandably investors were focused on this week’s release of consumer price data in both the US and UK.
Equity markets fell heavily this week. The falls are believed to stem from a change of investor views on where government bond yields are heading.
The Federal Reserve (Fed) waved farewell to Janet Yellen this week, as she participated in her final Federal Open Market Committee (FOMC) meeting as Chair of the U.S. Central Bank.