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Speaking at the start of a conference on Asian economic policy at the San Francisco Fed, John Williams, president of the Federal Reserve Bank of New York, reiterated that the Federal Reserve’s interest rate cuts were insurance against the ongoing and  potential risks and explained that  ongoing uncertainty on trade and  geopolitics was making businesses cautious and  conservative.

“The Fed will adjust policy if there is a material change to the outlook,” Williams added. “Too-low inflation is a greater concern than too-high inflation.”

The greenback failed to capitalize on these comments and the US Dollar Index was last down 0.12% on the day at 98.20.