Richmond Federal Reserve President Thomas Barkin said on Tuesday, in an interview with CNBC, that inflation certainly has peaked but warned that there are still ways to go. 

The Consumer Price Index rose 0.1% in March, with the annual rate slowing to 5%, the smallest since May 2021. Barkin said those numbers were “pretty much” as expected. Barkin mentioned he sees signs that demand is cooling. 

Market reaction

The US Dollar is falling sharply on Wednesday, after extending losses following the US CPI report. The DXY is down by 0.60%, trading at 101.50, near the April low.