Fed's Harker: Need to move methodically toward a clearly restrictive stance

Philadelphia Fed President Patrick Harker said on Friday that they need to methodically toward a "clearly restrictive stance," on Friday. "We will do what it takes to get inflation under control," Harker added, as reported by Reuters.

Additional takeaways

"Restrictive is clearly above 3%, how much more than that we'll have to see."

"If there is a recession, it would be shallow in my view."

"Possible Fed could risk recession to control inflation." 

Market reaction

The greenback is having a difficult time finding demand after these comments. As of writing, the US Dollar Index was testing 108.00, where it was down 0.4% on a daily basis.