Federal Reserve Bank of San Francisco President Mary C. Daly said on Friday that the Fed kept interest rates unchanged this week in recognition that “we are closer to our destination”. She added that inflation is coming down, and the labor market is gradually adjusting. 

Regarding interest rates, Daly mentioned that they do not know if they need to hold interest rates at their current level or introduce more monetary tightening. 

Market reaction 

The US Dollar Index is holding onto weekly gains, hovering around 105.45, after being unable to consolidate above 105.50.