Traders work on the floor of the NYSE in New YorkTOKYO - U.S. Treasury yields scaled a fresh 16-year peak on Tuesday, underpinning the dollar near a 10-month summit, as investors responded to the message from the Federal Reserve and other major central banks of rates staying elevated for longer.
"We view the recalibration of the 2024 rate cut profile, with no cuts before mid-year, as far more realistic than it has been for some time," they wrote in a client note. The relative outperformance of the U.S. economy - with investors increasingly betting on a soft landing while growth in the euro zone and Britain stagnate - has buoyed the dollar against those currencies.
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