In an interview with the Wall Street Journal, Richmond Federal Reserve Bank President Thomas Barkin said a rate hike in March would be conceivable, as reported by Reuters.

Barkin further noted that he expects inflation pressures to ease later this year and reiterated that he supports the hawkish outlook for the monetary policy.

Market reaction

The US Dollar Index edged slightly higher following these comments and the US Dollar Index was last seen rising 0.2% on a daily basis at 95.94. Meanwhile, the 10-year US Treasury bond yield is clinging to modest daily gains at 1.774%.