US President Biden: it is now necessary for the Federal Reserve to properly calibrate its supportive policies in order to fight inflation. Controlling rising prices is a vital job of the Federal Reserve and supports its independence in formulating monetary policy.

US Treasury Secretary Yellen: inflation is expected to be higher than 2% most of the time in 2022, but over time, US inflation may fall in 2022.

The US dollar index fell 0.16% to close at 95.63, up 0.47% last week; Earlier last week, expectations that the Fed would tighten monetary policy faster than expected pushed yields and the US dollar higher, and the US dollar index recorded its largest weekly percentage increase since mid-December.

Spot gold fell to close at $1835.38/oz, which was affected by the general decline in commodity prices, but rose 0.96% this week, as inflation and geopolitical risks increased the safe haven appeal of gold. COMEX February gold futures fell 0.6% to $1831.80 an ounce.