"We have a lot in the pipeline in tightening but yet to see that in data showing a slowing of the economy," San Francisco Fed President Mary Daly said on Wednesday, as reported by Reuters.

Additional takeaways

"Consumers want to see directional improvement, not getting prices lower than they were some months ago."

"This is a journey, not going to happen overnight."

"I expect unemployment rate to rise a bit as we slow the economy."

"I don't see people experiencing recession right now."

"Not sure if jobs data due this week will show easing of hiring yet, still demand for workers outstripping supply."

"Haven't seen a single piece of data yet indicating we're near a pain point on joblessness."

"About 50% of the elevated inflation we're seeing is from demand factors, 50% from supply factors."

"Firms are reducing vacancies, not laying off workers en masse, supports optimism for soft landing."

"50 bps hike would be a reasonable thing to do in September but if we see inflation roaring ahead undauntedly then perhaps 75 bps hike would be more appropriate."

Market reaction

The US Dollar Index showed no immediate reaction to these remarks and was last seen rising 0.3% on the day at 106.65.