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In an interview with CNN, Minneapolis Fed President Neel Kashkari said that the Fed needs to pull back on interest rates. “The bond market is pointing to a recession; that is not my base case outlook,” Kashkari explained.

“Better to be early and aggressive in responding to a slowdown.”

Kashkari’s dovish stance is no surprise to the markets and the US Dollar Index largely ignored these comments. As of writing, the index was up 0.05% on the day at 98.20.