Minneapolis Federal Reserve Bank President Neel Kashkari reiterated on Monday that inflation is "much too high" and that they have a long way to go before reaching the inflation goal per Reuters.

Kashkari further noted that the labor market is not as frothy as nine months ago but said that it is still strong overall. "We should not be fooled by a few months of good data," Kashkari added.

Market reaction

The US Dollar stays on the back foot following these comments. As of writing, the US Dollar Index was down 0.25% on a daily basis at 102.45.