Dollar Index Back Above 104 As Fed Officials Warn On Inflation

The US dollar index came off a one week low as continued worries posed by inflation capped the downside for the greenback. The US dollar index is back above 104 mark and currently quotes at 104.09, up 0.19% on the day. Fed officials indicated that the monetary policy stance of the central bank will likely be unchanged if inflation does not ease meaningfully. Minneapolis Federal Reserve Bank President Neel Kashkari stated if inflation continued to come in stronger than hoped, Fed would hold its benchmark policy rate at the current 5.25%-5.50% range for a longer period of time. Chicago Federal Reserve Bank President Austan Goolsbee stated that if housing inflation does not come down, would be very difficult to return inflation to 2%.

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