Neel Kashkari, President of the Federal Reserve Bank of Minneapolis, crossed the wires in the last minutes, arguing that the Federal Reserve's forward guidance that rates would go up was hawkish and had a contractionary effect on the economy.
"There is more slack in the labor market, it's not time to tap the brakes on the economy," Kashkari added. "The monetary policy is not the right tool to respond to trade war but it’s the only tool that we have."
The US Dollar Index largely ignored these comments and was last down 0.3% on the day at 98.40. Below are some additional quotes, per Reuters.
"We can’t model the shock trade war will have on psychology and how its going to ripple through the economy."
"It’s worth analyzing the control of the yield curve as a potential monetary policy tool, similar to Japan."
"Wage growth of 3.5% to 4% would suggest maximum employment, but wage growth has been falling and the labor market is showing signs of softening."
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility.