# Nasdaq ends up, dollar strengthens as Powell hints at more rate hikes | Reuters

> Fed Chair Jerome Powell suggested at a policy panel that two more Fed funds rate hikes are likely and that inflation may not reach the 2% target until 2025. The dollar strengthened and the Nasdaq closed higher. U.S. crude rose 2.75% to $69.56 a barrel after a larger-than-expected inventory draw.

- Date: 2023-06-28 · published 2023-06-28T12:00:00.000Z
- Category: macro · region US · magnitude medium
- Page: https://feedsoft.ai/events/35413-nasdaq-ends-up-dollar-strengthens-as-powell-hints-at-more-rate-hikes-reuters
- Commodities: [US Dollar (Broad)](https://feedsoft.ai/c/DXY.md), [Crude Oil (WTI)](https://feedsoft.ai/c/WTI.md), [Crude Oil (Brent)](https://feedsoft.ai/c/BRENT.md)

## Why it matters

A stronger dollar and higher rate expectations weigh on commodity demand, while the crude gain reflects tighter oil supply that feeds into energy and freight costs for feed production.

## Read by commodity

- DXY: bullish ▲
- WTI: bullish ▲
- BRENT: bullish ▲

## Similar past events

| Commodity | Date | Event | 5-day % | 20-day % |
| --- | --- | --- | --- | --- |
| DXY | 2023-06-23 | [Stocks fall, dollar up as investors weigh more rate hikes \| Reuters](https://feedsoft.ai/events/35674-stocks-fall-dollar-up-as-investors-weigh-more-rate-hikes-reuters.md) | +0.6% | -0.7% |
| DXY | 2024-09-20 | [Dollar strengthens versus yen as BOJ strikes cautious stance on rate hikes \| Reuters](https://feedsoft.ai/events/28541-dollar-strengthens-versus-yen-as-boj-strikes-cautious-stance-on-rate-hikes.md) | -0.2% | +2.2% |
| DXY | 2018-06-13 | [Dollar mostly firmer as Fed sees more U.S. rate hikes \| Reuters](https://feedsoft.ai/events/64708-dollar-mostly-firmer-as-fed-sees-more-u-s-rate-hikes-reuters.md) | +1.3% | +0.6% |
| DXY | 2025-10-29 | [Stocks fall, US dollar strengthens after Powell puts chill on December rate cut \| Reuters](https://feedsoft.ai/events/22612-stocks-fall-us-dollar-strengthens-after-powell-puts-chill-on-december-rate-cut.md) | +1.0% | +0.5% |
| DXY | 2026-06-24 | [US dollar strengthens to 13-month high on Fed rate hike expectations \| Reuters](https://feedsoft.ai/events/11985-us-dollar-strengthens-to-13-month-high-on-fed-rate-hike-expectations-reuters.md) | -0.1% | -0.4% |
| WTI | 2024-08-26 | [Canadian dollar strengthens to 5-month high as oil rallies](https://feedsoft.ai/events/29033-canadian-dollar-strengthens-to-5-month-high-as-oil-rallies.md) | -1.7% | -5.9% |
| WTI | 2022-02-03 | [Canadian dollar forecasts turn more bullish as oil hits 7-year high: Reuters poll](https://feedsoft.ai/events/42925-canadian-dollar-forecasts-turn-more-bullish-as-oil-hits-7-year-high-reuters-poll.md) | +1.6% | +22.1% |
| WTI | 2026-09-11 | [Dollar holds gains, yen slips as Mideast energy shock deepens \| Reuters](https://feedsoft.ai/events/17643-dollar-holds-gains-yen-slips-as-mideast-energy-shock-deepens-reuters.md) | -0.4% | -7.0% |

## Sources

- reuters.com: https://www.reuters.com/markets/global-markets-wrapup-1-pix-2023-06-28/

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Data from Feedsoft AI (https://feedsoft.ai/). For information only; not investment advice.