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updated: 2/22/2013 10:02 AM

Dollar holds on to gains after Fed report

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Associated Press

NEW YORK -- The dollar is holding on to most of its gains after the Federal Reserve signaled that it's considering slowing or ending its efforts to support the economy.

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Some of the Fed's policymakers fear that the bank's bond-buying program could cause inflation. If the Fed curtails the program, it could lead to higher U.S. interest rates and a stronger dollar.

The dollar rose against the euro in morning trading in New York. It was also higher against most other currencies.

The British pound recovered from a 2-year low and the Japanese yen climbed.

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