United States Interbank Rate

The cost of borrowing dollars for three months skyrocketed to 2.83%, a level not seen since November 2008, as hawkish remarks from the Federal Reserve sparked demand for dollars. Several Fed policymakers, including the Chicago Fed president Charles Evans, usually the most dovish member, indicated a strong commitment to bringing down inflation to the central bank's target of 2%. The apparent hawkish turn from the US central Bank eased speculation about a pivot in policy even if the world's largest economy shows signs of cooling.