Fed Vice Chair nominee Lael Brainard, speaking at a hearing before the Senate Banking Committee on Thursday, said that the Fed's actions will bring inflation down whilst also allowing the US labour market to make a full recovery. So far in the hearing, Brainard has not been questioned extensively on policy. 

Market Reaction

The Dollar Index has in recent trade been picking up from earlier session lows and is now in the 94.80 area, having been as low as 94.70 earlier in the day.