In an interview with CNBC on Friday, Richmond Fed President Thomas Barkin said that the US labor market was still tight and added that they were not getting much help on the labor supply side, as reported by Reuters.

Key takeaways

"It will be hard for people who have fought hard to raise prices to back off."

"Not sure I know what we'll do in December, many indicators still to come."

"Could be a potentially higher end-point for rates even if slower."

"If inflation were to persist, would need to respond appropriately."

"We need to get inflation down to target and do whatever we need to do to do that."

Market reaction

The US Dollar Index continues to push lower in the American session and was last seen losing 1.65% on the day at 111.12.