Fed's Barkin: Fed to keep rates low until moderate overshoots of inflation are seen

The US Federal Reserve will aim to keep rates low until they see moderate overshoots of inflation, Richmond Federal Reserve President Thomas Barkin said on Wednesday, as reported by Reuters.

Additional takeaways

"Unemployment adjusted for the drop in participation is around 11%."

"Downtrend in participation rate among prime-age women may limit the rebound."

"At this point, this is not a banking crisis."

Market reaction

The US Dollar Index, which tracks the USD's performance against a basket of six major currencies, largely ignored these comments and was last seen losing 0.25% on a daily basis at 93.30.