Fed should take time to assess more data, no urgency on rate cuts

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Dallas Federal Reserve (Fed) Bank President Lorie Logan said on Friday that there is no urgency to cut interest rates, and while there has been "tremendous progress" on bringing down inflation, she wants further evidence on inflation to confirm the progress is durable.

Key quotes

“We have made tremendous progress on inflation; there is more work to do.”

"The risks that I\'m seeing in the economy are becoming more balanced, but I do think we need to take time here to continue to look at the data.”

"I don\'t see any urgency to adjust rates.”

"We need to build confidence in inflation.”

“Supply chains have pretty much normalized.”

“Some industries still have supply chain issues, may take time to heal.”

“Highly focused on possible risks to progress on inflation.”

“Some industries still have supply chain issues, may take some time to heal.”

Market reaction\xa0

The\xa0US Dollar\xa0Index (DXY) is trading lower on the day at 104.01, as of writing.