Federal Reserve Bank of Atlanta President Raphael Bostic said on Thursday that it would probably be appropriate to reduce the policy rate in the summer time, per Reuters.

Bostic noted that the last few inflation readings had shown that it is going to be a bumpy path back toward the 2% target and reiterated that they have to stay vigilant and attentive.

"Economic data will ultimately be our guide on when rate cuts start," he added.

Market reaction

These comments failed to trigger a noticeable market reaction. At the time of press, the US Dollar Index was virtually unchanged on the day at 103.92.