The U.S. Dollar trading nearly flat against a basket of major currencies late in the session on Friday after recovering from an early session setback. The greenback’s rebound is likely being fueled by a sharp rise in U.S. Treasury yields.

The 10-year U.S. Treasury yield hit a fresh two-year high Friday as investors anticipate a more aggressive Fed. The 10-year rate at its highs of Friday’s session hit 2.503%, its highest level since May 2019. The yield started the week near 2.15%

At 17:21 GMT, June U.S. Dollar Index futures are trading 98.820, up 0.020 or +0.02%. Soaring rates come amid growing expectations the Federal Reserve will be more aggressive in its tightening cycle.

Fed Chair Jerome Powell on Monday said, “inflation is much too high,” and emphasized the Fed would continue to raise interest rates until inflation is under control.

including Russian President Vladimir Putin’s spokesman, and said it would block 19 oligarchs and 47 of their relatives and close associates from traveling to the United States.

The sanction targets include Kremlin spokesman Dmitry Peskov, as well as one of Russia’s richest men, Alisher Usmanov, according to the White House.

Germany had already seized Usmanov’s superyacht, and the White House said both the boat and Usmanov’s private jet — which it said was one of the largest privately-owned aircraft in Russia — would be blocked for use in the U.S. or by Americans.

“These are significant steps that will impact the people who are closely around President Putin,” White House press secretary Jen Psaki told reporters.”We want him to feel the squeeze. We want the people around him to feel the squeeze.”