Fed's Bullard: Policy rate will need to be higher for longer

 St. Louis Federal Reserve leader James Bullard, following today's Consumer Price Index data that came in as expected on the whole, besides the one exception on a monthly basis in the headline number, stated that the most likely scenario is inflation remaining above 2%, so the policy rate will need to be higher for longer. 

More to come...

US Dollar update

The US Dollar has dropped on the back of the CPI data. The year-over-year CPI print landed at 6.5% or 0.6 of a percentage point cooler than the November number. The one exception was a positive surprise. On a monthly basis, the headline number actually decreased by a nominal 0.1% instead of remaining unchanged, as analysts expected.