In remarks prepared for delivery to a "Fed Listens" event in Atlanta, Federal Reserve (Fed) Governor Michelle Bowman said that additional rate increases will likely be needed to lower inflation back to target, per Reuters.

Bowman explained that in making decisions, she will be looking for evidence suggesting that inflation is on a "consistent and meaningful" downward path. She further noted that inflation is still significantly above 2%, while the labor market conditions remain tight.

Market reaction

These comments failed to trigger a market reaction and the US Dollar Index was last seen posting small daily gains at 102.10.