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New York Fed President John Williams will be interviewed at 11:15 PM Japan time. “With inflation still high and signs of continuing supply-demand imbalances, it is clear that there is still work to be done in monetary policy to bring inflation down to the 2% target on a sustained basis” Williams said in January. “It would take a period of below-trend growth and some softening in the labor market to push down inflation.” The U.S. labor market has been very strong since the January jobs report came out over the weekend, with the unemployment rate falling unexpectedly and nonfarm payrolls growing much faster than expected. It’s far from the “some softening in the labor market” that Williams said in January was needed to bring down inflation, and if he does mention a rise in the terminal rate or a longer period of rate hikes, the dollar could get a boost.