"It's quite likely inflation is near peaking, or has peaked already," Boston Fed President Susan Collins said on Monday, per Reuters.

Additional takeaways

"Fed's credibility is key part of why medium and longer-term inflation expectations remain well anchored."

"It's part of why we have to move expeditiously on rates, to maintain that credibility."

"My outlook is for much slower growth in 2022."

"We'll also have slower economic growth next year as well."

"That is part of what is needed to get inflation back down, as well as a modest increase in unemployment, but there are many uncertainties."

Market reaction

The US Dollar Index was last seen rising 0.42% on the day at 113.50 following these comments.