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Commenting on the Federal Reserve’s decision to cut the policy rate by 25 basis points earlier this week, “The Fed has taken a big step in the right direction with the latest rate cut,” White House economic adviser Larry Kudlow told Bloomberg TV.

Kudlow further noted that the does not see any inflation in the US and reiterated that the Trump administration has ruled out any currency intervention.

The US Dollar Index doesn’t pay any mind to these comments and was last down 0.2% on the day at 98.20.