Fed's Collins: Still open to 75 bps hikes if needed

Boston Federal Reserve President Susan Collins said on Friday that it is time for the Fed to shift its focus from the size of rate hikes to the "ultimate "destination," as reported by Reuters.

Additional takeaways

"Fed entering a new phase for monetary policy tightening cycle."

"Inflation still too high, Fed must restore price stability."

"Signs inflation surge is starting to moderate."

"Smaller rate hikes may be likely to become more appropriate in future."

"Still open to 75-basis-point hikes if needed."

"Fed policy now in restrictive territory."

"Premature to say how far Fed will need to hike rates."

"I don't believe big slowdown is needed to achieve price stability."

"Fed will need to balance risks to outlook more as it moves forward."

"Optimistic for future path of the economy."

Market reaction

The US Dollar stays under heavy selling pressure and the US Dollar Index was last seen losing 1.5% on the day at 111.25.