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Dollar holds on to gains after Fed report

Published on NewsOK Modified: February 21, 2013 at 10:08 am •  Published: February 21, 2013
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NEW YORK (AP) — The dollar is holding on to most of its gains after the Federal Reserve signaled that it's considering slowing or ending its efforts to support the economy.

Some of the Fed's policymakers fear that the bank's bond-buying program could cause inflation. If the Fed curtails the program, it could lead to higher U.S. interest rates and a stronger dollar.

The dollar rose against the euro in morning trading in New York. It was also higher against most other currencies.

The British pound recovered from a 2½-year low and the Japanese yen climbed.