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The dollar strengthened to the highest level in over a year as hot US inflation reading pushed traders to add to bets that the Federal Reserve will raise interest rates.

How high inflation became a 'fact of life' in the U.S.

US Treasuries slumped after hotter-than-expected inflation prompted traders to boost their expectations that Federal Reserve officials raise interest rates later this month and next year.

Federal Reserve Governor Bowman: Does not believe the Fed urgently needs to raise interest rates, can observe economic trends.