San Francisco Fed President Mary Daly said on Tuesday that she is looking for incoming data to decide if they can downshift the rate hikes or continues at the current pace, as reported by Reuters.

Additional takeaways

"Work on inflation is nowhere near almost done."

"We are still resolute and completely united on achieving price stability."

"We have a long way to go on that task."

"Gas price drop is going to provide some relief, housing market slowing is also a good sign."

"Getting too confident that we've already solved the problem would be a mistake."

"My modal outlook is we raise interest rates and hold them there for a while."

Market reaction

The US Dollar Index extended its rebound and was last seen gaining 0.35% on the day at 105.78.