The U.S. dollar turned higher against its major counterparts in the New York session on Friday, as Federal Reserve Chair Jerome Powell reiterated that the central bank would continue raising rates aggressively to lower inflation.
In his speech at the Jackson Hole Economic Symposium, Powell said that the Fed would keep raising rates until there is confidence that the job is done.
"While the lower inflation readings for July are welcome, a single month's improvement falls far short of what the Committee will need to see before we are confident that inflation is moving down," Powell said.
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June 12, 2026 17:14 ET Major central bank action was the focus this week in economic news. The European Central Bank became the first major central bank to move in response to the rising inflationary pressures in the backdrop of the conflict in the Middle East. In North America, the U.S. inflation and trade data as well as Canada’s central bank decision gained attention. The Chinese trade data was the main news in Asia.