Fed's Bostic: US inflation is elevated, but no signs of harm
Reuters reported on Atlanta Fed Bank President Raphael Bostic comments from a little earlier today.
Bostic was noted saying that US inflation is elevated but it is not at the point where it would affect the Federal Reserve's stance on interest rates.
He added that he still expects it will be more than a year before the central bank raises rates from near-zero levels.
"I'm not seeing signs that this elevated inflation is doing the kind of harm to the economy which would really call into question our policy stance in terms of interest rates," Bostic said during a virtual event with the Peterson Institute of International Economics.
Meanwhile, the carry trade currencies, where rate hikes are being priced in, are soaring with the US dollar taking up the top spot on Tuesday.
DXY, an index that measures the US dollar vs a basket of major rivals, is trading through 93.50 and is at the highest level since Sep 2020.
Author
Ross J Burland
FXStreet
Ross J Burland, born in England, UK, is a sportsman at heart. He played Rugby and Judo for his county, Kent and the South East of England Rugby team.
