Tom Barkin, the president and CEO of the Federal Reserve Bank of Richmond, is crossing the wires.

Key comments

My hope is that we have passed the peak of inflation.

The median CPI is still too high for what I want to see.

Cannot declare victory over inflation too soon.

Doesn’t favour backing off too soon, says he wants to see inflation ‘compellingly headed back to target’.

Terminal rate dependent on path of inflation.

US Dollar update

The US Dollar was losing traction on Tuesday with eyes on the Bank of Japan as investors expect the possible policy shift at the central bank that could end its so-called “yield curve control” in what would be a precursor to adopting a tighter monetary policy. At the time of writing, the DXY index is trading at 102.40 and is lower by some 0.15% but well off the lows of the day down at 101.937.