The USA dollar index, a measure of the greenback against a basket of currencies, rallied after Atlanta Fed president Dennis Lockhart said he would have voted for a hike at last week’s Federal Open Market Committee review if he was a member. The tone of the statement was considered by many as dovish – the FOMC voiced its concerns over the progress of the global economy.

On Friday, the rupee hit its largest daily gain as bond yields declined to near 3-month cellar, as the central bank’s decision to hold U.S. interest rates was viewed as setting the stage for the Reserve Bank of India to ease its financial ruling later this month. Yao said the Fed should set objective conditions that will trigger a rate hike, such as inflation, unemployment and risks of property and housing bubbles.

Is there something the Fed is seeing that market participants may have missed?

The world’s most influential bank last week chose to keep USA interest rates steady for now, but the prospect of a rate hike lingered and repelled investors from riskier assets as an economic slowdown in China fuels a slump in global commodity prices.

Although not a voting member on the FOMC, Bullard noted that he “would have dissented on this decision”.

Statements made by various Fed official over the weekend that advocated a rate hike by the Fed, have resulted in high gains in stock futures, indicating a positive and higher opening in USA markets on Monday.

In either case, what the market didn’t expect was an expansion of the menu of indicators the Fed would consider before raising rates.

David Rosenberg is confused by Federal Reserve chair Janet Yellen.

Gold ended Monday’s USA trading session 0.4% lower as the dollar gained and investors bet the Federal Reserve will raise us rates by the end of this year.

The dollar was dominant in Asia Tuesday as Fed officials talked up expectations for an increase in interest rates within the year after deciding against a raise last week.

At this point, “it’s too early to detect any significant impact on the real economy” in the US , he said in prepared remarks to the Buckhead Rotary Club in Atlanta.

“The main mover has been the Fed’s decision not to hike interest rates“, Mr Turner said.

“And that probably reduces the likelihood of rate increase either in the October meeting or in the December meeting“, he said.

Existing home sales in the USA fell by much more than expected in the month of August, according to a report released by the National Association of Realtors on Monday.