The ICE U.S. Dollar Index jumped 0.8% to 105.22 and headed for one of its highest levels since January during the first day of Congressional testimony by Federal Reserve Chairman Jerome Powell. Powell signaled the need for a higher ultimate level for interest rates than previously thought, and a willingness to re-up the pace of rate hikes if needed. His comments sent the policy-sensitive 2-year rate closer to 5%, and lifted the dollar, which moves in conjunction with the likely path of U.S. interest rates relative to the rest of the world. All three major U.S. stock indexes were lower in late-morning trading.
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