Federal Reserve Bank of Richmond President Thomas Barkin reiterated on Wednesday that the Fed is committed to getting inflation under control and to returning it to the 2% target, as reported by Reuters.

Additional takeaways

"Fed may not get help from global events and supply chains but it has tools and credibility to deliver that outcome."

"Expecting inflation to come down but not immediately, not suddenly and not predictably."

"Seeing inflation coming down due to flattening demand, supply chain improvements and easing of commodity pressures."

"Recession fears a little inconsistent with monthly jobs growth of nearly 400,000, 3.6% unemployment rate."

"Returning to a normal environment doesn't have to require a calamitous decline in activity."

Market reaction

The dollar preserves its strength against its rivals with the US Dollar Index clinging to daily gains at 106.65.