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The US dollar and Treasury yields held on to their gains after the Federal Reserve said the first-quarter growth slowdown is probably “transitory,” potentially setting the stage for a rate rise this summer.

The buck was recently up by 0.4 per cent against the Japanese yen, near the highs of the day. Meanwhile, the euro was off by 0.17 per cent against the greenback, close to session lows.

Treasury prices were in the red. The policy-sensitive two-year note yield ticked up by 0.0259 percentage point to 1.2859 per cent.

Stocks trimmed some of their losses, with the Dow Jones Industrial Average briefly moving back into positive territory before retreating again to trade down 0.1 per cent at pixel time. The S&P 500 is 0.3 per cent lower and the Nasdaq Composite is off 0.6 per cent.

Copyright The Financial Times Limited 2017. All rights reserved.

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