Fed's Williams: We still have work to do on rates

New York Federal Reserve President John Williams said on Wednesday that the labor market is still very strong and added that they have more work to do on rates, as reported by Reuters.

"The Fed will watch the data to determine the path of rate rises," Williams added and argued that inflation could prove more persistent. "Maybe services prices stay elevated, and if that happens we'll need higher rates."

Market reaction

The US Dollar Index showed no immediate reaction to these remarks and was last seen posting small daily losses at 103.25.