Federal Reserve Bank (Fed)

The U.S Central Bank has full independence in setting monetary policy to achieve maximum non-inflationary growth.

The Fed's chief policy signals are: open market operations, the Discount Rate and the Fed Funds rate.ZNHXSF6FD9QS

10-year Treasury Note

FX markets usually refer to the 10-year note when comparing its yield with that on similar bonds overseas, namely the Euro (German 10-year bund), Japan (10-year JGB) and the UK (10-year gilt).

The spread differential (difference in yields) between the yield on 10-year US Treasury note and that on non US bonds, impacts the exchange rate. A higher US yield usually benefits the US dollar against foreign currencies.