In a statement published on Friday, Federal Reserve Bank of Cleveland President Beth Hammack explained her decision to dissent against the Fed keeping an easing bias in the policy statement, saying that a "clear easing bias" is no longer appropriate given the current outlook.

Key takeaways

"Inflation pressures are broad-based, energy is driving up prices."

"Economy has been resilient so far in 2026."

"Seeing upside inflation risk, downside job market risk."

"Uncertainty around economy, policy path has risen."

"A wide range of views is the cornerstone of Fed process."

"Job market is near full employment."

Market reaction

The US Dollar (USD) stays on the back foot in the American session on Friday. At the time of press, the USD Index was down 0.25% on the day at 97.85.