Fed's Kashkari: Fed needs to pull back on interest rates

In an interview with CNN, Minneapolis Fed President Neel Kashkari said that the Fed needs to pull back on interest rates. "The bond market is pointing to a recession; that is not my base case outlook," Kashkari explained.

"Better to be early and aggressive in responding to a slowdown."

Kashkari's dovish stance is no surprise to the markets and the US Dollar Index largely ignored these comments. As of writing, the index was up 0.05% on the day at 98.20.