Fed's Cook: Ongoing rate increases will be required

Federal Reserve Governor Lisa Cook crossed the wries in recent trade and was reported to have that inflation remains unacceptably high and interest rates will need to keep rising to get it under control.

“Inflation is too high, it must come down and we will keep at it until the job is done,” she said Thursday during opening remarks at a panel discussion with business and community leaders in Spartanburg, South Carolina. “This likely will require ongoing rate hikes and then keeping policy restrictive for some time.” She noted ongoing rate increases will be required. 

US dollar update

Meanwhile, the US dollar index weakened below the 113 mark on Thursday to a low of 112.16 before recently picking up to a recent high of 112.80.

Meanwhile, earlier this session, the dollar traded at its highest level against the Japanese yen in more than 30 years, crossing the 150.00 psychological level.