Fed's Kaplan: Fed not in full-fledged rate-cutting cycle

Robert Kaplan, president of the Federal Reserve Bank of Dallas, on Friday argued that the Federal Reserve was not in a "full-fledged" rate-cutting cycle and added that policy adjustments were appropriate in a more "limited, restrained way."

"A risk management standpoint would be a mistake to disregard the yield curve in assessing the economy, monetary policy," Kaplan further elaborated and said the yield curve was a "reality check" on the outlook for growth.

The US Dollar Index recovered modestly in the last hour and was last down 0.06% on the day at 97.50.