Federal Reserve's Tom Barkin has stated that ''you can't find a recession in the data or actions of business execs,'' speaking on Fox Business.

Key quotes

• It's time to normalize.
• Reduction in balance sheet does a little more on top of rate hikes to tighten policy.
• Perfectly comfortable with path of rate hikes for the next couple meetings.
• The stronger the economy, and inflation, the better the case is to do more on rates.

US dollar update

Today, the US dollar is lifted by higher Treasury yields as global inflation worries flared anew. The dollar index (DXY), which measures the currency against six major peers, is rising by 0.8% % to 102.59 at the time of print, extending Tuesday's gains.

The price is falling towards prior areas of the structure that could be expected to act as a support area in the coming sessions if reached. These happen to align with the key Fibonacci's namely the 38.2% and 61.8% ratios.