Federal Reserve Governor Lisa Cook said on Wednesday that inflation is still running too high even though it has moderated, as reported by Reuters.

Key takeaways

"Strongly committed to both price stability and employment mandates of the Fed."

"Data are telling a pretty clear story of a historically strong labor market, with still elevated inflation."

"Fed is focused on restoring price stability, will need restrictive monetary policy for some time."

"Without stable prices it will be hard to maintain maximum employment."

"Fed recognizes the benefits a sustained expansion will bring to low and moderate income communities."

"Inflation has severe costs and falls hardest on those living paycheck to paycheck."

"Inflation can be contained without a large increase in unemployment."

"Possible the path of the unemployment rate will be lower than most recent Fed projections."

"In times of uncertainty important not to take too much signal from two or three data points."

"Appropriate now to move in smaller steps as Fed assesses cumulative impact of rate increases so far."

"Fed will stay the course until inflation is contained."

"Fed is starting to see some improvement in inflation data."

"Expect inflation will continue falling this year and next, though progress may be uneven."

"Path of policy rates will depend on how quickly inflation moves towards the 2% goal.

Market reaction

The US Dollar Index edged slightly higher and was last seen posting small daily gains at 103.42.