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At stake are trades in eurodollar futures--bets on short-term interest rates affecting American dollar deposits outside the U.S.--accounting for 53% of the Merc's overall volume.
FORBES: That Other Exchange
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Except for oil, most sensitive commodity prices have risen only slightly after years of decline, the dollar remains strong, real short-term interest rates are near historical norms, and productivity growth has accelerated in recent quarters.
FORBES: What The Fed's Minutes Leave Out
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As investors speculated that it was putting short-term interest rates on hold for a while, the dollar rallied against the euro during European trading hours on Thursday.
ECONOMIST: The Fed, the dollar and commodities
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The index has fallen only modestly since the start of this year, because the stronger dollar and lower share prices have offset lower short-term interest rates.
ECONOMIST: Is monetary policy less effective these days?
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That is is one reason why the dollar has been going up today, and so have long-term US interest rates, to the highest level in nearly a year.
BBC: The US in 2013: Economics trumps politics?
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This is a weighted average of short-term interest rates, corporate-bond yields, share prices and the trade-weighted dollar, with the weights derived from the Fed's model.
ECONOMIST: Is monetary policy less effective these days?
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Short-term interest rates of 2% are consistent with money demand of about 10 cents of base money per dollar of GDP.
FORBES: Fed Must Either Reverse QE Or Brace For Impact
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After all, short-term interest rates and inflation are both rising, the current-account deficit is huge and widening, the dollar has fallen and the fiscal outlook has worsened.
ECONOMIST: The economy