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- #1
The dollar scaled multi-month highs against most other major currencies on Wednesday, after Federal Reserve Chair Jerome Powell warned that U.S. interest rates might need to go up even faster and higher than expected to rein in stubborn inflation. Powell told lawmakers on Capitol Hill on Tuesday that recent U.S. economic data was stronger than expected and so the speed and size of future rate hikes may also need to increase, which sent short-term U.S. rate expectations surging. "We see the Fed hiking to 6% in the coming months and they might move faster now after Powell's comments."