U.S. Dollar Climbs As Fed Signals Rate Hike in 2015

globThe U.S. dollar is climbing higher on Thursday against a basket of currencies, reaching a 6 month high against the Japanese yen as currency traders react to a mixture of comments of comments from Fed Chair Janet Yellen about raising interest rates next year.

Although Fed Chair Janet Yellen said yesterday that “the Committee’s expectations for the path of the federal funds rate are “contingent on the economic outlook” and rates hikes would not occur for a “considerable time,” Fed Committee members also signaled a faster rate hike in 2015 once it is undertaken by the central bank.

The median forecast for the benchmark rate near the end of 2015 was raised to 1.375 percent from June’s estimate of 1.125 percent.

-Johnathan Schweitzer

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