Fed's Quarles: If we are wrong on inflation, we have tools to address it

"It is my view and the Fed's general view that inflation pressures are most likely to be transitory," Federal Reserve's Vice Chairman for Supervision Randal Quarles said on Tuesday, as reported by Reuters.

"If we are wrong on inflation, we have tools to address it," Quarles added.

Market reaction

These comments don't seem to be having a noticeable impact on the greenback's performance against its major rivals. As of writing, the US Dollar Index was losing 0.16% on a daily basis at 89.69.