In an interview with CNBC on Friday, Fed Governor Christopher Waller said that they are happy to let inflation rise above 2%, as reported by Reuters.

Additional takeaways

"I don't think anyone would be comfortable if inflation got to 3% or above and stayed there a while."

"Dot plot is a problem right now."

"It's all about outcomes; we shouldn't be doing calendar-based forecasts."

"Markets are getting ahead of themselves in terms of expecting rate hikes."

"If measuring by levels, we are still in a recession."

"I'm thinking about it in levels, not growth rates."

Market reaction

The greenback remains on the back foot after these comments and the US Dollar Index was last seen losing 0.15% on the day at 91.53.

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