Federal Reserve Vice Chair for Supervision Michael Barr said on Monday that inflation is still far too high but acknowledged that they have made a lot of progress, as reported by Reuters.

"We are quite attentive to bringing inflation down to target," Barr added and explained that they still have "a bit of work to do."

Market reaction

These comments don't seem to be having a noticeable impact on the US Dollar's performance against its major rivals. As of writing, the US Dollar Index was virtually unchanged on the day at 102.25.