Federal Reserve Bank of Chicago President Austan Goolsbee told the Financial Times on Monday that the fall in the US inflation was not "just a blip," per Reuters.

Goolsbee acknowledged that housing costs were a negative surprise but added that the trend was still down for prices. He also denied that progress was stalling on bringing inflation back to the Fed's 2% target.

Market reaction

The US Dollar Index stays under modest bearish pressure following these comments and was last seen losing 0.15% on the day at 106.50.