Fed's Kashkari: Will argue Fed should cut the federal funds rate

In an op-ed article published in the Financial Times, Minneapolis Fed President Neel Kashkari said that he will argue the Federal Reserve should cut its policy rate. "We should also use forward guidance to provide even more of a boost to the economy than a rate cut alone can deliver," Kashkari added and acknowledged the slowdown in the global economy. "US business investment has stalled and the yield curve has inverted."

Kashkari's dovish stance is no surprise to the markets and the US Dollar Index was last up 0.07% on the day at 98.22.