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Richmond Federal Reserve Bank President Thomas Barkin said on Monday that the Fed forecasts show a range of expectations on the economy and explained that paves the way for a range with regard to timing of liftoff, per Reuters.

Additional takeaways

“We need to look through  12-month inflation figures for the next 6 months.”

“We will be looking at month-over-month inflation figures, trimmed mean inflation.”

“Fed has given extremely explicit outcome-based guidance on interest rates.”

“I don’t think we are at ‘substantial further progress’ right now.”

I’d like to get a good part of the way there before having a conversation on such progress.”

“Firming bond yields are a good thing.”

“Ought to expect the market to adjust to news; that doesn’t bother me.”

“The economy is in fact getting stronger.”

Market reaction

The US Dollar Index showed no immediate reaction to these comments and was last seen posting small daily losses at 91.87.