Commenting on the Federal Reserve's (Fed) policy outlook, "I am not in a hurry to raise, not in a hurry to reduce either," Atlanta Fed President Raphael Bostic said. "I am willing to be patient. I don't think there is an urgency for us to do anything more," he added.

Additional takeaways

"Fed is in restrictive territory and that is helping inflation fall."

"Fed still has a ways to go to get inflation back to target."

"Question now is how fast the economy will slow."

"As long as expectations don't spike, the Fed can afford to be patient."

"Fed should be on hold for a long time."

Once the Fed has chosen an inflation target, it has to stick with it."

"There may be reasons to reconsider the 2% target, but that will be a whole exercise that must come after reaching 2%."

Market reaction

The US Dollar Index holds steady near 107.00 in the American session on Tuesday.