Fed’s Hawkish Stance Impacts Markets Powell’s comments have cast doubt on the peak of U.S. interest rates, suggesting that current levels may not suffice to curb inflation. Short-Term Forecast The dollar index is on track for its biggest gain in two months, further pressuring silver prices by making it more expensive for holders of other currencies. The anticipation of ongoing rate hikes and a higher opportunity cost for holding non-interest-bearing silver contribute to a bearish short-term outlook for the metal.