Fed's Harker: Fed should not be considering more rate hikes

Federal Reserve Bank of Philadelphia President Patrick Harker stated on Monday that Fed hould not add more pressure to the economy by raising the borrowing costs, per Reuters.

Key quotes

"We should not at this point be thinking about any increases"

“Says again that interest rate hikes are likely over, sees inflation ebbing.”

“In the absence of some turn in the data the Federal Reserve should hold rates steady.”

“Fed should not be considering more rate increases”

Market reaction

At the time of writing, the US Dollar Index (DXY) is trading near 106.25, holding higher while adding 0.05% on the day.