The general takeaway is that a September rate hike is still unlikely, but the US Federal Reserve (Fed) would like to see the markets fully pricing in a December rate hike so it can come to pass with minimal fanfare. The US dollar initially sold off on Yellen’s comments and it was not until Stanley Fischer’s further hawkish comments that the USD really began to move higher. The DXY US dollar index gained 0.8% on the day, while benchmark US treasury yields moved higher by 3-7 basis points. Gold, which normally moves inversely to US rates, closed flat on the session. But big selloffs were seen in the bond proxy-like S&P 500 utilities and telecoms sectors, which lost 2.1% and 1.1%, respectively.