Atlanta Fed President Raphael Bostic said on Friday that June's 75 basis points rate hike was a "big move" and added that the Fed wants policy transition to be orderly, as reported by Reuters.

Additional takeaways

"No historical context for what the US is facing today."

"Source of both higher aggregate demand and hiring, other supply difficulties, rooted in pandemic."

"Trying to get out of the business of looking too far ahead on policy, given the number of surprises on inflation, other data."

"Moving too dramatically could undermine positive aspects of the economy, add to the uncertainty."

"Approach Fed is taking now gives highest likelihood of success."

Market reaction

The US Dollar Index stays on the back foot after these comments and was last seen losing 0.5% on a daily basis at 108.12.