The Federal Open Market Committee (FOMC) "faces an economy that is expected to grow more slowly going forward, with some risk that the slowdown could be sharper than expected due to ongoing global trade regime uncertainty," Bullard said in a speech to the Union League Club of Chicago on Monday. He added that the recent economic conditions indicated that the Fed's benchmark interests rates have not been within a rational range, a downward policy rate adjustment may be warranted soon to help re-center inflation. The dollar index, which measures the greenback against six major peers, was down 0.65 percent at 97.1395 in late trading. In late New York trading, the euro rose to 1.1257 U.S. dollars from 1.1169 dollars in the previous session, and the British pound was up to 1.2665 dollars from 1.2631 U.S. dollars in the previous session. The Australian dollar increased to 0.6977 dollar from 0.6938 dollar. The U.S. dollar bought 108.03 Japanese yen, lower than 108.43 Japanese yen of the previous session. The U.S. dollar decreased to 0.9923 Swiss franc from 1.0007 Swiss francs, and it fell to 1.3437 Canadian dollars from 1.3523 Canadian dollars.
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