Fed's George: Fed will hold rates up into 2024

Kansas City Fed President Esther George told CNBC on Thursday that it will be key for the Fed to hold rates up once hikes end, as reported by Reuters.

Additional takeaways

"Hight inflation requires Fed action."

"Fed policy is having an impact on demand."

"Fed will hold rates up into 2024."

"Not forecasting a recession but there are risks."

"Risks to economy rise when Fed is hiking rates."

"Recent inflation data shows welcoming signs of pressure easing."

"Very important for Fed to continue to reduce balance sheet."

"Fed still has a lot to learn about how balance sheet policy works."

Market reaction

The US Dollar Index preserves its bullish momentum following these comments and was last seen gaining 0.5% on the day at 104.76.