Fed's Kashkari: Should wait for significant progress on inflation before cutting rates

Federal Reserve (Fed) Bank of Minneapolis President Neel Kashkari told CNBC on Tuesday that the Fed should wait for significant progress on inflation before lowering the policy rate, per Reuters.

Kashkari also reiterated that the central bank could potentially even hike interest rates if inflation fails to come down further.

Market reaction

These comments don't seem to be having a significant impact on the US Dollar's valuation against its major rivals. At the time of press, the US Dollar Index was down 0.1% on the day at 104.48.