Early Tuesday morning in Asia, Reuters quotes Richmond Federal Reserve Bank President Thomas Barkin’s comments, first appeared in Yahoo Finance, to confirm the policymaker’s “wait and see” approach.

Key quotes

Infrastructure bill not a "near term stimulant.”

Anticipate supply chains problems will last "well into next year".

Will watch wages, labor market for signs inflation is becoming more persistent.

Household and market indicators suggest inflation expectations over the medium to long term still in line.

If "need is there" fed will act to curb inflation, but good to have a few more months "to see where reality is."

Market reaction

Given the initial Asian session and the market’s wait for the US Retail Sales for October, traders paid little heed to the news.

Read: Forex Today: Sentiment driving financial markets