Federal Reserve Bank of Philadelphia President Patrick Harker said on Thursday that the US Federal Reserve could slow the rate hike pace in the coming months, as reported by Reuters.

Additional takeaways

"Fed will need to assess how rate hikes are impacting economy."

"Fed needs sustained decline in inflation to moderate rate hike campaign."

"Inflation remains far, far too high."

"Future Fed hikes will be driven by the data."

"Seeing signs economy’s pace of activity is moderating."

"Job market still hot, but expecting unemployment to rise to 4.5% next year."

"Job market to remain healthy going forward."

"Core PCE inflation to moderate to 4.8% this year."

Market reaction

The US Dollar Index stays under heavy bearish pressure and was last seen losing 1.3% on the day at 109.02.