According to the Wall Street Journal’s dollar index, which measures the greenback against a basket of some of the world’s top currencies, the dollar is its strongest for over a decade.recently collapsed to its lowest level against the dollar in nearly 40 years.While Wall Street has suffered sharp falls, the currency of the world’s largest economy has strengthened substantially.
That shock has prompted investors to price in at least a 75 basis point hike on Wednesday, with an outside chance of a full percentage point increase. Yields on US treasuries have been on a tear. Returns on the 2-year bond have climbed to their highest level since 2007, forcing the yield curve to invert – when short-term bonds offer a higher return than long-term bonds – often a precursor to a recession.
Higher costs are forcing firms to cut loss-making activities, while consumers are shunning non-essential purchases.
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