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In an interview with Bloomberg TV,    Cleveland Fed President Loretta Mester argued that the may need to recalibrate the policy downward is the economic uncertainty continues. “The trade uncertainty has been weighing on the economic outlook,” Mester added. “I think interest rates will likely be lower going forward that they have been in the past.”

In the meantime, the US Dollar Index clings to modest daily gains above 98.30 as investors are waiting for FOMC Chairman Jerome Powell to deliver his prepared statement at 14 GMT.