U.S. Dollar Hits Two Decade High

As a result of Federal Reserve Chairman Jerome Powell's remarks that the institution will continue to combat inflation "forcefully,

The Dollar Index, which compares the value of the dollar to a basket of six other major currencies, increased more than 0.6% early on Monday before falling to 109.22 points.

Although the index temporarily reached 109 in July of this year, Monday's peak was the highest since 2002.

Investment company LPL stated earlier this month that the Federal Reserve's efforts to raise rates would be "bullish for the US dollar."

According to the LPL report, around 30% of the income generated by S&P 500 businesses comes from markets outside of the United States

One significant benefit of a higher currency is that as imports of goods and services become more affordable

it may help reduce inflation. The U.S. has a trade deficit of $79.6 billion because it imports more than it exports