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Robert Kaplan, president of the Federal Reserve Bank of Dallas, on Thursday said that negative rates in Europe showed that there are limits to the monetary policy.

Commenting on the United States (US) economy, “The Federal Reserve is allowing the economy to run hotter; the job market is tight but inflation is not running away,” Kaplan noted.

The US Dollar Index largely ignored these comments and continues to consolidate today’s losses. As of writing, the index was down 0.2% on the day at 98.82.