Fed's Daly: Additional rate hikes are the right thing to do

"Additional rate hikes are the right thing to do but how high we will go depends on data," San Francisco Fed President Mary Daly said on Friday, as reported by Reuters.

Additional takeaways

"Our number one priority is to get inflation down."

"We are starting to see the benefits of rate increases with housing market cooling."

"We need to see a lot more relief on inflation."

"Rate increases we have taken and project will bring inflation down."

"The economy is not teetering on recession; it needs to slow."

"The economy is moving from frenetic to something more sustainable."

Market reaction

The greenback preserves its strength after these comments and the US Dollar Index was last seen rising 0.8% on the day at 112.65.