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In his prepared remarks delivered at Cato Institue’s  37th Annual Monetary Conference, Richard H. Clarida, Vice Chairman of the  Federal Reserve Board, said the fact that US  inflation expectations reside at a low end of the range is consistent with the Fed’s price stability mandate.

“No evidence rising wages are putting excessive upward pressure on inflation,” Clarida added. “The Fed’s framework review is reassessing case for balance sheet policies and forward guidance as well as other tools in the event of another downturn.”

The US Dollar Index largely ignored these comments and was last up 0.04% on the day at 98.35.