Dollar Strengthens After Yellen Lays Out Case For 2015 Rate Hike
The dollar strengthened against its main rivals Thursday after Federal Reserve Chairwoman Janet Yellen said most members of the central bank's rate-setting committee still support an interest-rate increase this year. The euro fell to $1.1193 from $1.1230 before Yellen started speaking. The dollar rose to 120.22 yen from 120.00 yen beforehand. Speaking at the University of Massachusetts Amherst, Yellen said she expects inflation will return to a 2% annual growth rate, the Fed's target level, over the next few years as temporary factors like the strong dollar and low commodity prices wane.
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