Minneapolis Fed President Neel Kashkari said on Wednesday that they will have room to assess the economy by moving rates at an "aggressive but not overwhelming" pace, as reported by Reuters.

Key takeaways

"There may be a housing downturn, but not necessarily a hard crash."

"Tremendous uncertainty about fundamentals of US economy."

"A judgment call on whether we move in 50 or 75 bps increments on rates."

"We have to deliver what we said we would do on rates."

"That's the only way to validate medium and longer-term inflation expectations."

Market reaction

These comments don't seem to be having a significant impact on the dollar's performance against its major rivals. As of writing, the US Dollar Index was up 0.1% on the day at 113.40.