Nervous financial markets propelled the safe-haven dollar to a two-decade peak on Wednesday as rising global interest rates fed recession worries, while sterling drifted lower after the latest warnings about Britain's radical tax cut plans.
The U.S. dollar index rose around 0.5% to hit a new high of 114.78, its march higher helped by an equally relentless climb from benchmark U.S. 10-year Treasury yields, which rose to 4% for the first time since 2010, climbing as high at 4.013%.
That message was reinforced on Tuesday by Chicago Fed President Charles Evans, St. Louis Fed President James Bullard and Minneapolis Federal Reserve Bank President Neel Kashkari, with Evans saying that the central bank will need to raise interest rates to a range between 4.50% and 4.75%.The rising borrowing costs have intensified fears of a global recession, adding to the surge in bond yields worldwide.
Bank of England Chief Economist Huw Pill said on Tuesday that the central bank is likely to deliver a "significant policy response" in response to finance minister Kwasi Kwarteng's huge tax cut plans.
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