Dollar Gains Most in Four Weeks as Inflation Backs Fed Hike Bets

Connecting decision makers to a dynamic network of information, people and ideas, Bloomberg quickly and accurately delivers business and financial information, news and insight around the world The dollar rose by the most in nearly four weeks, recovering about half of the losses triggered by Treasury Secretary Scott Bessent ’s surprise move last week to prop up the bond market, as inflation data bolstered bets that the Federal Reserve will start raising interest rates by year end. The Bloomberg Dollar Spot Index climbed as much as 0.3%, tracking Treasury yields higher, before paring the advance. The moves came after the personal consumption expenditures price index, the Fed’s favored gauge of inflation, continued to rise at a 3.7% annual pace in July, nearly twice the central bank’s target.

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