The U.S. dollar increased in late trading on Friday, after Federal Reserve Chair Jerome Powell signalled that the central bank may need to raise interest rates further to ensure inflation is contained. The dollar index, which measures the greenback against six major peers, was up 0.09 percent to 104.0776 after Powell’s remarks.
“Although inflation has moved down from its peak … it remains too high,” Powell said Friday at an annual economic symposium in Jackson Hole, Wyoming. “We are prepared to raise rates further if appropriate, and intend to hold policy at a restrictive level until we are confident that inflation is moving sustainably down toward our objective.—APP
