FOMC Chairman Jerome Powell said on Thursday that they need to act forthrightly and strongly on inflation, as reported by Reuters.

Additional takeaways

"We need to keep going until we get the job done."

"My message is the Fed has and accepts responsibility for price stability."

"Longer inflation remains above target, greater the risk."

"History cautions against prematurely loosening policy."

"We are strongly committed to bringing inflation down."

"We will not be influenced by political considerations."

"We focus solely on our mandate."

"Public's expectations of inflation play an important role."

"Very important inflation expectations remain well anchored."

"Today they are pretty well anchored over longer term."

"At short end, the clock is ticking and more concerns public will incorporate higher inflation expectations."

"Wages are running at elevated levels."

"We hope to achieve a period of below-trend growth."

"We think by our policy moves we will be able to put growth below trend and get labor market back into better balance."

"In most recent labor market report, saw a welcome increase in labor force participation."

Market reaction

The dollar gathers strength against its rivals after these comments and the US Dollar Index was last seen rising 0.6% on the day at 110.20.