The dollar rose broadly on Tuesday after Federal Reserve Chair Jerome Powell pushed back against bets on more supersized interest rate cuts. The yen steadied close to the middle of its range against the dollar over the past month,

U.S. stocks were poised to close out a solid quarter on a down note, edging lower after Fed Chair Jerome Powell suggested the central bank would likely refrain from extra-large interest-rate cuts if the economy evolves as expected.

Federal Reserve Chair Jerome Powell signaled Monday that more interest rate cuts are in the pipeline, though their size and speed would depend on the evolution of the economy. Wall Street investors and economists are weighing whether the Fed will follow its larger-than-usual half-point cut made earlier this month with another hefty reduction at either of its upcoming meetings in November or December.

The U.S. dollar gained against major peers on Tuesday after Federal Reserve Chair Jerome Powell pushed back overnight against bets on more supersized interest rate cuts.