- August 29, 2022
- Posted by: Stratford Team
- Category: Economy
Topline
The U.S. dollar hit a two-decade high on Monday, responding to Federal Reserve Chairman Jerome Powell’s comments that the central bank will continue to tackle inflation “forcefully”—signaling further interest rate hikes.
The value of the U.S. dollar hit a 20-year high on Monday morning.
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Key Facts
The Dollar Index—which measures the U.S. currency against a basket of six other major currencies—rose more than 0.6% early on Monday to a high of 109.44 points before settling at 109.22.
The index briefly hit 109 in July this year but Monday’s peak is the highest level it has been since 2002.
In a note earlier this month, investment firm LPL said the Federal Reserve’s rate hike efforts would be “bullish for the US dollar.”
A stronger dollar is bad news for the stock market as around 30% of the revenue earned by S&P 500…
