The dollar is at its highest level in nearly two months, measured against a basket of currencies, as the Fed's shift toward a more hawkish stance against inflation ripples through foreign-exchange markets. The euro, yen and pound are all down against the greenback Wednesday.

Brent crude oil has ticked above $100 a barrel, and Treasury yields are rising, with the 10-year yield ticking up toward 5% again. U.S. stocks are slipping.

In Europe, gasoil futures are up around 3% after President Trump said he would back a ban on U.S. diesel exports, a move that could relieve pain at the pump for his voters but intensify an energy crunch across the Atlantic. New York diesel futures are flat.

On traders' radar later Wednesday: The Treasury Department is set to reveal the size of its next bond-buyback operation. A similar announcement earlier this month triggered a selloff in Treasurys after the size of the planned buyback fell short of the market's expectations.