The rising dollar and 10-year Treasury yield is considered by many market participants as a pseudo-rate hike. But economist and Real Money contributor Steve Blitz said these factors may actually give the Fed a window to hike rates even further in 2016. He said yields on the 10-year are rising because of on expectations of increased demand for capital and stronger growth. "It confirms to the Fed that they're normalizing interest rates into an expanding economy," Blitz said. TheStreet's Scott Gamm reports from Wall Street. 

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