India, June 23 -- The U.S. dollar dropped against its major counterparts in the New York session on Monday, following dovish comments from Federal Reserve Governor Michelle Bowman.
In her speech in Prague, Bowman favored a rate cut "as soon" as July if inflationary pressures remain contained.
"We should also recognize that downside risks to our employment mandate could soon become more salient, given recent softness in spending and signs of fragility in the labor market," Bowman said.
Bowman downplayed the inflationary impact of recent trade policy changes and noted that the underlying trend in core inflation is moving much closer to the Fed's 2% target than is currently apparent in the data.
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