Federal Reserve Governor Lisa Cook reiterated on Tuesday that inflation in the United States is still "much too high" and added that the focus for the Fed is on addressing inflation, as reported by Reuters.

Market reaction

These comments don't seem to be helping the US Dollar (USD) find demand. Following the softer-than-expected October Producer Price Index (PPI), the US Dollar Index turned south and touched its lowest level in three months below 105.50 before staging a rebound. As of writing, the index was down 0.9% on the day at 105.95.