The dollar rose and global equity markets rallied on Tuesday after Federal Reserve Chair Janet Yellen said she expects the U.S. central bank to continue trimming its bond purchases, a sign the Fed believes the economy is on track to grow further. Stock indexes on Wall Street surged 1 percent or more, while the U.S. currency rebounded against the euro and gained against the yen after Yellen's testimony before the House Financial Services Committee. A potential market headwind also could be removed after Republican leaders in the U.S. House of Representatives agreed to vote on legislation that extends Washington's borrowing authority for a year without conditions. Yellen said recent volatility in global financial markets did "not pose a substantial risk to the U.S. economic outlook" and reiterated that the Fed was on track to keep scaling back its economic stimulus.
via Business News - Yahoo Finance http://ift.tt/1bmSatx
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