Fed's Bostic: We are not going to be preemptive or proactive

With regards to changes to monetary policy, Atlanta Federal Reserve President Raphael Bostic reiterated on Wednesday that they are not going to be "preemptive or proactive," as reported by Reuters.

Additional takeaways

"Economy is transitioning to recovery, out of pandemic."

"Expecting a lot of volatility over the next several months."

"If we see substantial progress, I will advocate toward changing policy but we are not there yet."

"It's very difficult to identify structural changes in real-time data."

"Expecting a fair amount of volatility through the summertime."

"Framework does not say we are not worried about overheating."

"Framework says we will look for evidence of overheating before we move."

"There are foundational issues in the housing market that can justify where we are today."

Market reaction

These comments were largely ignored by market participants and the US Dollar Index was last seen posting small daily gains at 89.88.