Dollar Gains Versus Yen as Yellen Cites FOMC View on Hike Need
- Chair says majority of committee sees increase likely needed
- Greenback restrained as traders want more proof on economy
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The dollar strengthened against the yen as Federal Reserve Chair Janet Yellen said the majority of the central bank’s policy-setting group sees an interest-rate increase as likely needed this year.
The greenback advanced against a handful of major peers as a slate of officials spoke Wednesday, including one of the dissenters who voted in favor of a rate hike at last week’s policy meeting -- Fed Bank of Cleveland President Loretta Mester said labor-market gains and the inflation outlook justify a rate hike.