Fed's Kaplan: Will need more fiscal help from government

Consumer activity cannot be legislated or stimulated, the US needs to invest in testing to help consumers feel safe, Dallas Fed President Robert Kaplan told CNBC on Wednesday.

Kaplan further noted that he thinks that the Fed will need to do more to support the economy and more fiscal action will be needed as well. "The unemployment is expected to peak around 20%," Kaplan added.

Market reaction

The US Dollar Index edged lower in the last minutes and was last seen losing 0.37% on the day at 99.20.