NEW YORK: Stock markets around the world closed with modest gains on Wednesday after the US Federal Reserve renewed a pledge to keep interest rates near zero for some time, while bond yields rose and the dollar rallied on expectations of higher rates down the road.
The dollar hit a 14-month high and the benchmark US 10-year Treasury note yield hit its highest level since July 7 after the Fed's projections suggested that some officials see rates rising more quickly than the US central bank projected three months ago.
