Boston Federal Reserve President Susan Collins said on Thursday that the Fed "may be at or near" the time to pause interest rate increases, as reported by Reuters.

"While inflation is still too high, there are some promising signs of moderation," Collins further elaborated.

"I also believe it is important to make each policy decision based on a holistic assessment of information available at the time - and the next policy meeting will be in mid-June," she added and reiterated that they will continue to monitor a wide range of data to evaluate how the economy is doing.

Market reaction

The US Dollar Index retreated modestly from daily highs following these comments and was last seen gaining 0.2% on the day at 104.10.