As investors assessed the Fed's patience with interest-rate rises against the possibility of persistent inflation and declining global growth, the US dollar along with treasuries and stocks rose.

The dollar climbed against all of its G-10 counterparts, bringing the euro closer to year-to-date lows. The yield on the 10-year US Treasury note fell 3 BPS. Meanwhile, equities defied bond market caution, bringing a global stock index to a new high. On bullish projections, technology companies were back in favor throughout the world, with Qualcomm leading pre-market gains in New York.

While announcing a stimulus-tapering plan, Fed members emphasized that they are not in a rush to raise interest rates, despite the fact that inflation may remain high for months. While this encouraged stock market risk-taking, a second-day reality check developed in the bond and currency markets. The tug-of-war between dovish central banks and markets pricing in faster-than-expected rate rises appeared to continue.