Atlanta Fed President Raphael Bostic told CNBC on Monday that there is still a long distance to go on inflation and added that they may have to "go up on rates," as reported by Reuters.

Bostic further noted that he will not be looking at cutting rates until well into 2024 in his baseline scenario.

Additional takeaways

"If there is a bias to action, there is a bit of a bias to go a bit higher, though we are where my dot has been.",

"There has been progress on inflation."

"We have done the easiest part of inflation reduction."

"I think in the next several months the math is going to work in our favor."

"I also think the economy is going to work in our favor on inflation."

"Businesses and households still tell me they expect high inflation to be a short-run episode."

"Appropriate policy is to wait and see the effects of tightening to now."

Market reaction

These comments don't seem to be having a significant impact on the US Dollar's valuation. As of writing, the US Dollar Index was down 0.2% on the day at 102.50.