Federal Reserve Bank of Boston President Susan Collins said on Thursday that the central bank is at or near the peak of the interest rate hike cycle. She did not rule out more rate hikes but warned the current stance calls for patience. 

Collins said the latest inflation data underscores uneven progress in slowing inflation. She added that the increase in bond yields could take pressure off the Fed to raise rates further. 

Market reaction

The US Dollar is holding firm to daily gains, following the US Consumer Price Index report. The Dollar Index is up 0.80%, above 106.50.