Minneapolis Federal Reserve (Fed) President Neel Kashkari reiterated on Wednesday that inflation in the US is still very high and that their job is to bring it down, as reported by Reuters.

"Wage growth is now too high to be consistent with 2% inflation," Kashkari added and noted that it is concerning that the Federal Reserve's rate hikes so far have not brought down services inflation.

Market reaction

The US Dollar Index stays on the back foot following these comments and was last seen losing 0.55% on a daily basis at 104.35.