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Dollar drops to three-month low after Fed minutes
The US dollar fell to its lowest level in more than three months, amid a decline in US Treasury yields following Washington’s intervention to support long-term bonds. The Federal Reserve's July meeting minutes revealed officials’ concerns about inflation and the increased likelihood of raising interest rates swiftly if inflation persists, despite the decision to keep the rate between 3.50% and 3.75%. The Treasury Department’s backing of long-term bonds led to a drop in their yields, particularly the 30-year bonds, which fell to 5.213% after reaching their highest level since 2007, amid growing fears of market turmoil due to rising inflation and increasing borrowing costs.
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