Reuters reports that Philadelphia Federal Reserve President Patrick Harker reiterated on Wednesday that he's ready for the US central bank to move to a slower pace of interest rate rises amid some signs that hot inflation is cooling off.

"High inflation is a scourge, leading to economic inefficiencies and hurting Americans of limited means disproportionately," Harker said in prepared remarks for a speech that closely followed remarks from earlier in the month. To get inflation under control, the Fed's "goal is to slow the economy modestly and to bring demand more in line with supply," he told a group in Newark, Delaware.

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US Dopllar update

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