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The Fed Is Looking at a Very Different Dollar Than Wall Street

That may spell trouble for investors
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Market Turmoil May Complicate Fed's Timing, Fisher Says

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By many popular measures, the dollar has traded sideways for the last six months. Then there's the Federal Reserve's measure.

The greenback is surging, according to an index the Fed created to track the U.S. currency versus 26 of the country's biggest trading partners. It's risen 1.3 percent beyond a 12-year high reached in March, when the central bank fired the first of a series of warnings that a stronger dollar may hurt growth and lower inflation.