Reuters reported that US Treasury Secretary Janet Yellen explained that falling gasoline prices may put further downward pressure on headline consumer price inflation for August. He also said that there is a lot of uncertainty over the inflation outlook due to Russia's war in Ukraine and energy supplies.

Speaking to reporters in Detroit, Yellen said she also was concerned about the global outlook due to an acute energy crisis in Europe.

Meanwhile, the US dollar index, which measures the greenback vs. a basket of currencies has travelled between a low of 109.334 and a high of 110.243 so far while the 10-year Treasury yield has recovered to a 3.304% high on the day from a low of 3.201%. The two-year yield reached a high of 3.506% from a low of 3.404% and is currently up 1.45% on the day. The US dollar and shorter-dated US Treasury yields climbed on Thursday on the back of Federal Reserve Chair Jerome Powell's comments who said that the Fed was "strongly committed" to controlling inflation.