The  International Dollar Index rate appreciated past 109 on Monday, hitting its highest levels in 20 years, after Federal Reserve Chair Jerome Powell delivered a stern commitment to bring down inflation by keeping interest rates higher for longer in a policy speech at the Jackson Hole conference late last week.

Powell warned strongly against prematurely loosening policy amid data showing possible signs of peak inflation, noting that the Fed’s focus is broader than a month or two of data and that it will continue pushing ahead until inflation moves down closer to its 2% target.

International Dollar Index Rate:

He also acknowledged that the fight against inflation may cause some economic pain, but warned that “failure to restore price stability would mean far greater pain.”

Investors now look ahead to more speeches from other Fed officials this week, as well as the monthly US labor report and final manufacturing PMI readings for August.

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The dollar index firmed up above 108 approaching a 20-year high of 109.3 reached in July, underpinned by expectations that the Federal Reserve will continue to aggressively raise interest rates to bring down inflation.

Among the most hawkish statements so far, St. Louis Fed President James Bullard said Thursday he is considering support for a third straight 75-basis point rate hike in September and added he is not ready to say the economy has seen the worst of the inflation surge.

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