The U.S. dollar gained against its major rivals on Friday, riding on Fed Chair Jerome Powell's remarks that the central bank would continue to keep interest rates higher to tame inflation.
Speaking at the Jackson Hole Economic Symposium, Powell said the Fed would keep raising rates until there is confidence that the job is done.
Powell said the central bank's efforts to combat inflation will cause "some pain." He reiterated the Fed's resolve to bring inflation back to its 2% target, declaring that the "economy does not work for anyone" without price stability, and added that the central bank would use its tools "forcefully" to bring demand and supply into better balance.
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Forex News
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.