Fed's Evans: ‘Good amount of strength in US economy’

Charles L. Evan who is the chief executive officer of the Federal Reserve Bank of Chicago has said in recent trade that inflation is very high right now and that's the issue that's top of mind for the Fed.

He joins a chorus of hawkish Fed officials speaking today advocating for rate rise. 

Key comments

''There is a good amount of strength in the US economy.

I suspect the unemployment rate will creep up.

The abor market is still good and will be more challenging with higher interest rates.

We will bring inflation down by making policy restrictive.

At momentum of core inflation, and that's what has us most nervous.''

US dollar update

On Thursday, despite downbeat Initial Jobless Claims, the US dollar rose, extending its gains from the previous day.

Forex has been volatile this week and the US dollar with it. It has struggled to find a clear direction following a dramatic third quarter. On Thursday, the greenback is higher by some 0.8% and back above 112.00. The dollar initially fell against most majors at the start of the week before regaining ground:

The focus is now going to be on the Nonfarm Payrolls tomorrow and then next week, the Fed receives the latest report on consumer inflation.