Fed’s Kashkari: Inflation too high
Neel Kashkari, President of the Federal Reserve (Fed) Bank of Minneapolis, spoke at a St. Paul Area Chamber event in St. Paul, Minneapolis, on Wednesday. He said that the big question is how long the Strait of Hormuz will be closed and what effect will it have on inflation.
Key takeaways:
Inflation too high.
A huge question mark about how long Hormuz Strait will be closed, that will have a big effect on inflation.
Need to get back to 2% inflation, should not move the goalpost.
Inflationary shocks don't let the Fed off the hook, but have made the job challenging on inflation.
Before Iran conflict, had some confidence inflation was heading back down to 2%.
Labor market moving sideways, 'lukewarm'.
Iran shock has upended inflation environment.
Labor market looks like it's hanging in there.
Not sure Fed's policy rate decisions will have much effect on mortgage rates.”
US Dollar Price Today
The table below shows the percentage change of US Dollar (USD) against listed major currencies today. US Dollar was the strongest against the New Zealand Dollar.
| USD | EUR | GBP | JPY | CAD | AUD | NZD | CHF | |
|---|---|---|---|---|---|---|---|---|
| USD | 0.29% | 0.19% | 0.21% | 0.09% | -0.23% | 0.34% | 0.26% | |
| EUR | -0.29% | -0.10% | -0.11% | -0.23% | -0.53% | 0.04% | -0.06% | |
| GBP | -0.19% | 0.10% | 0.00% | -0.11% | -0.41% | 0.17% | 0.04% | |
| JPY | -0.21% | 0.11% | 0.00% | -0.10% | -0.43% | 0.12% | 0.06% | |
| CAD | -0.09% | 0.23% | 0.11% | 0.10% | -0.33% | 0.25% | 0.14% | |
| AUD | 0.23% | 0.53% | 0.41% | 0.43% | 0.33% | 0.57% | 0.47% | |
| NZD | -0.34% | -0.04% | -0.17% | -0.12% | -0.25% | -0.57% | -0.11% | |
| CHF | -0.26% | 0.06% | -0.04% | -0.06% | -0.14% | -0.47% | 0.11% |
The heat map shows percentage changes of major currencies against each other. The base currency is picked from the left column, while the quote currency is picked from the top row. For example, if you pick the US Dollar from the left column and move along the horizontal line to the Japanese Yen, the percentage change displayed in the box will represent USD (base)/JPY (quote).