"If we get help from the supply side, I'm more optimistic about avoiding a recession," Minneapolis Fed President Neel Kashkari said on Thursday and reiterated that he was hopeful they could bring inflation down without causing a recession, as reported by Reuters.

"We have more work to do on inflation," Kashkari added and noted that he was not worried about stagflation. 

Market reaction

The greenback continues to gather strength against its rivals during the American trading hours on Thursday. As of writing, the US Dollar Index was up 0.55% on a daily basis at 111.80.