Kansas City Fed President Esther George said on Thursday that they still had more work to be done on inflation.

Additional takeaways

"You'd want to see at least 3 months of consistent data to know where things are going."

"Too soon to say what to expect in September, more key data coming."

"Full effects of recent rate hikes may not be seen for some time."

"Want to see more broad-based relief in prices to know inflation is coming off its highs."

"Not hearing things that are consistent with what you hear in a recession."

"Bringing inflation back to our target remains the focus."

"For the near-term thinking about higher interest rates seems reasonable to me."

"Unclear if that will be the case in the longer term."

Market reaction

The US Dollar Index edged slightly higher after these comments and was last seen at 108.38, where it was down 0.2% on a daily basis.