US dollar tumbles to three-month low after Treasury steps in to halt bond selloff
The U.S. dollar has fallen to a three-month low after the U.S. Treasury Department stepped in to calm a sharp bond market selloff. The Treasury plans to double buyback operations for longer-dated bonds, pushing the 30-year Treasury yield down from a 19-year high.
The move weakened the dollar as the euro, sterling and Japanese yen gained ground. Meanwhile, persistent inflation concerns could complicate the Federal Reserve's next moves on interest rates.
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