US dollar index hits 20-year-high on hawkish Fed, Putin's mobilization announcement

ANKARA

The US dollar index on Wednesday hit 20-year-high amid hawkish Fed bets and Russian leader Vladimir Putin's mobilization announcement.

Following the announcement, the index firmed up above 110.65, already backed by expectations that the Federal Reserve will deliver another interest rate hike of 75 basis points.

The greenback also tracked Treasury yields higher, with the benchmark 10-year US yield increasing above 3.5% to its highest since February 2011.

Since March, the Fed has made rate hikes of a total of 225 basis points in the fight against inflation that reached its highest in 40 years.

According to Russian Defense Minister Sergei Shoigu, up to 300,000 reservists will be called up to fight in the war against Ukraine.