Fed's Barkin: Would take a substantial move in economy to merit a rate change

It would take a substantial move in the economy, either an overheating or a deterioration, to merit a change in the policy rate, said Thomas Barkin on Friday, President of the Federal Reserve Bank of Richmond.

"I want to to see the impact of insurance cuts before deciding to do something else," Barkin added. "People are nervous about election but what matters is if it affects business investment or consumer confidence."

The US Dollar Index largely ignored these comments and continues to push lower. As of writing, the index was erasing 0.07% on the day at 96.75.