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Dollar, Bond Yields Extend Gains after Yellen Remarks
The US dollar added to gains while US Treasury yields hit session highs on Friday after Federal Reserve Chair Janet Yellen said a US interest rate hike will likely be appropriate in the coming months. US stocks pared their advance.
"It's appropriate ... for the Fed to gradually and cautiously increase our overnight interest rate over time, and probably in the coming months such a move would be appropriate," Yellen told an audience of Harvard University professors and alumni.
Numerous Fed officials in recent weeks have talked up expectations that an increase in borrowing costs may be near.
After Yellen's speech, traders raised their expectations of a June rate hike to 34 percent from 30 percent, according to CME Group. “People think June or July are very much alive now,” said Stephen Massocca, chief investment officer at Wedbush Equity Management LLC in San Francisco.