The dollar rallied to the highest level in more than 10 years, while bonds tumbled after minutes of the Federal Reserve’s last meeting and economic data added to the case for higher interest rates. U.S. stock benchmarks extended gains at record highs.
The greenback climbed against most of its major peers, touching its strongest level since March versus the yen as the Dow Jones Industrial Average rose to a fresh all-time high. Ten-year Treasury yields jumped to their highest level in 16 months. U.K. government bonds slumped after Chancellor of the Exchequer Philip Hammond said he would borrow more to increase spending, while euro-area notes slid with policy makers said to be considering lending out the securities. Gold fell below $1,200 an ounce and oil also retreated.
