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Philadelphia Federal Reserve Bank President Patrick Harker on Tuesday said that the Federal Reserve’s monetary policy was ‘about neutral or slightly accommodative.’

Regarding the possible use of negative interest rates, “There would be an extremely high  hurdle for me to support negative interest rates,” Harker stated, per Reuters. “In the case of a recession,  the best response may not be negative rates but a bigger fiscal stimulus.”

Meanwhile, the US Dollar Index continues to move sideways near the 98.30 mark in the session.