In an interview with CNBC on the sidelines of the Jackson Hole Symposium, "right now I think that we've probably done enough and with monetary policy in a restrictive stance" Federal Reserve Bank of Philadelphia President Patrick Harker said.

Key takeaways

"Fed must deal with inflation and is dealing with it."

"Fed will need to keep rates restrictive for a while."

"There clearly is a tightening of credit."

"Unclear how much tighter credit will impact economy."

"Not concerned about rise in market yields."

"Low income consumers are slowing down."

"We are seeing inflation coming down."

"Let the restrictive policy stance play out, should lower inflation."

"Expecting unemployment rate to rise to 4% or just above that."

"Seeing evidence labor market tightness is easing."

"Unclear how China slowdown will impact US economy."

"Next year, Fed will have inflation around 3%, growth slowing to trend."

"At this point I see the Fed holding steady this year, next year is data driven."

"Can't predict when Fed will cut rates."

Market reaction

The US Dollar Index retreated modestly from daily highs after these comments and was last seen rising 0.35% on the day at 103.72.