Richmond Federal Reserve President Thomas Barkin said on Thursday,  that it "makes sense" to steer more deliberately as the Fed works to bring inflation down. 

His comments are coming through following today's Consumer Price Index data that came in as expected on the whole, besides the one exception on a monthly basis in the headline number.

''The last three months' inflation prints have been a "step in the right direction," he said. But he cautions that while the average has dropped the median has stayed high.

US Dollar update

The US Dollar is falling to the lowest levels for several months and is printing a fresh low for the session following the CPI event.