Fed's Bostic: Latest inflation reading not a huge surprise

Commenting on the Personal Consumer Expenditures (PCE) Price Index data, which rose to 4.2% on a yearly basis in July from 4% in June, Atlanta Fed President Raphael Bostic told Bloomberg TV that it was not a huge surprise.

Additional takeaways

"High inflation episode is lasting longer than expected."

"We can taper faster than last time due to strong economy."

"On good trajectory for fairly robust economic growth."

"The economy's strength calls for the Fed to reduce support."

Market reaction

These remarks were largely ignored by market participants and the US Dollar Index was last seen losing 0.04% on the day at 93.00.