THE GIST
NEWS AND FEATURES
Global Philippines Fine Living
INSIGHTS
INVESTMENT STRATEGY
Economy Stocks Bonds Currencies
THE BASICS
Investment Tips Explainers Retirement
WEBINARS
2024 Mid-Year Economi Briefing, economic growth in the Philippines
2024 Mid-Year Economic Briefing: Navigating the Easing Cycle
June 21, 2024
Investing with Love
Investing with Love: A Mother’s Guide to Putting Money to Work
May 15, 2024
retirement-ss-3
Investor Series: An Introduction to Estate Planning
September 1, 2023
View All Webinars
DOWNLOADS
equities-3may23-2
Consensus Pricing
Consensus Pricing – June 2025
DOWNLOAD
Two people discussing a chart on a tablet
Economic Updates
Policy Rate Update: Dovish BSP Narrows IRD 
DOWNLOAD
grocery-2-aa
Economic Updates
Inflation Update: Prices rise even slower in May 
DOWNLOAD
View all Reports
Metrobank.com.ph How To Sign Up
Follow us on our platforms.

How may we help you?

TOP SEARCHES
  • Where to put my investments
  • Reports about the pandemic and economy
  • Metrobank
  • Webinars
  • Economy
TRENDING ARTICLES
  • Investing for Beginners: Following your PATH
  • On government debt thresholds: How much is too much?
  • Philippines Stock Market Outlook for 2022
  • No Relief from Deficit Spending Yet

Login

Access Exclusive Content
Login to Wealth Manager
Visit us at metrobank.com.ph How To Sign Up
Access Exclusive Content Login to Wealth Manager
Search
THE GIST
NEWS AND FEATURES
Global Philippines Fine Living
INSIGHTS
INVESTMENT STRATEGY
Economy Stocks Bonds Currencies
THE BASICS
Investment Tips Explainers Retirement
WEBINARS
2024 Mid-Year Economi Briefing, economic growth in the Philippines
2024 Mid-Year Economic Briefing: Navigating the Easing Cycle
June 21, 2024
Investing with Love
Investing with Love: A Mother’s Guide to Putting Money to Work
May 15, 2024
retirement-ss-3
Investor Series: An Introduction to Estate Planning
September 1, 2023
View All Webinars
DOWNLOADS
equities-3may23-2
Consensus Pricing
Consensus Pricing – June 2025
June 25, 2025 DOWNLOAD
Two people discussing a chart on a tablet
Economic Updates
Policy Rate Update: Dovish BSP Narrows IRD 
June 19, 2025 DOWNLOAD
grocery-2-aa
Economic Updates
Inflation Update: Prices rise even slower in May 
June 5, 2025 DOWNLOAD
View all Reports
Currencies 3 MIN READ

Dollar, yields rise after Powell comments, Bank of England rate hike

June 22, 2023By Reuters
Related Articles
Dollar slips after weak data while yen rebounds January 19, 2023 Euro is at parity; its fate is now with energy markets July 13, 2022 BRIEF-Semirara Mining And Power Corporation Posts Qtrly Net Income Attributable 15.03 Billion Pesos May 10, 2022

NEW YORK, June 22 (Reuters) – The US dollar and Treasury yields climbed on Thursday as Federal Reserve Chair Jerome Powell suggested more US interest rate hikes may be needed to curb inflation and the Bank of England (BoE) delivered a bigger-than-expected rate hike.

A global stock index was little changed.

The Swiss National Bank and Norges Bank also hiked their benchmark rates, underscoring central bank worries about global inflation while fueling concern about the impact of rate hikes on demand.

The BoE announced a half-point rate hike to 5%. Though the size of the hike surprised markets, expectations for BoE rate tightening surged in recent days.

Before Thursday’s decision, investors expected the BoE’s Bank Rate to peak at 6% by the end of the year. By contrast, economists polled by Reuters last week saw a 5% peak.

Powell, in his second day of testimony to lawmakers, suggested again the US central bank has not reached the end of its tightening cycle.

In addition, Fed Governor Michelle Bowman, at an event in Cleveland, said “additional policy rate increases” will be needed to control inflation.

“Investors need to recognize the reality that central banks around the world are going to continue to fight inflation aggressively,” said Oliver Pursche, senior vice president and adviser for Wealthspire Advisors in Westport, Connecticut.

Last week, the Fed held its benchmark interest rate steady at between 5% and 5.25%, but most policymakers see at least two more quarter-point rate increases by the end of this year.

On Wednesday, Powell said in remarks to lawmakers in Washington that the outlook for two more 25-basis-point rate increases are “a pretty good guess” of where the central bank is heading if the economy continues in its current direction.

The dollar index, which measures the currency against six rivals, rose 0.4% to 102.41. Against the yen, the dollar was up 0.9% at 143.12 yen.

Both sterling and the Swiss franc were last weaker against the dollar in volatile trade.

US Treasury yields rose as investors focused on the hawkish comments from Powell.

In afternoon trading, the yield on 10-year Treasury notes was up 7.6 basis points at 3.798%.

On Wall Street, stocks ended mostly higher, with consumer discretionary and technology shares among the day’s biggest gainers.

The Dow Jones Industrial Average fell 4.81 points, or 0.01%, to 33,946.71, the S&P 500 gained 16.2 points, or 0.37%, to 4,381.89, and the Nasdaq Composite added 128.41 points, or 0.95%, to 13,630.61.

The pan-European STOXX 600 index lost 0.51% and MSCI’s gauge of stocks across the globe gained 0.05%.

In commodities, Chicago Board of Trade corn and soybean futures posted sharp declines after profit-taking, while oil futures fell amid worries over fuel demand.

US crude fell USD 3.02 to settle at USD 69.51 a barrel, while Brent dropped USD 2.98 to USD 74.14.

(Reporting by Caroline Valetkevitch; additional reporting by Amanda Cooper and Marc Jones in London, and Ankur Banerjee in Singapore; Editing by David Evans, Leslie Adler and Jamie Freed)

 

This article originally appeared on reuters.com

Read More Articles About:
Worldwide News Philippine News Rates & Bonds Equities Economy Investment Tips Fine Living

You are leaving Metrobank Wealth Insights

Please be aware that the external site policies may differ from our website Terms And Conditions and Privacy Policy. The next site will be opened in a new browser window or tab.

Cancel Proceed
Get in Touch

For inquiries, please call our Metrobank Contact Center at (02) 88-700-700 (domestic toll-free 1-800-1888-5775) or send an e-mail to customercare@metrobank.com.ph

Metrobank is regulated by the Bangko Sentral ng Pilipinas
Website: https://www.bsp.gov.ph

Quick Links
The Gist Webinars Wealth Manager Explainers
Markets
Currencies Rates & Bonds Equities Economy
Wealth
Investment Tips Fine Living Retirement
Portfolio Picks
Bonds Stocks
Others
Contact Us Privacy Statement Terms of Use
© 2025 Metrobank. All rights reserved.

Read this content. Log in or sign up.

​If you are an investor with us, log in first to your Metrobank Wealth Manager account. ​

If you are not yet a client, we can help you by clicking the SIGN UP button. ​

Login Sign Up