IMF chief economist Gourinchas said the Fed's actions sent a strong signal, but central banks still need to provide some form of guidance on long-term interest rates.

Fed Governor Kashkari said the rise in inflation is not solely attributable to oil or Middle East-related factors.

CITIC Securities said the dollar index has rallied sharply, driving gold below $4,000/oz, and that easing inflation concerns have not weakened the dollar. Political 're-dollarization' may partly explain the move, but the firm sees expectations of tighter dollar liquidity as the dominant driver. It expects the dollar index to find support this year but for further upside to be difficult to sustain; the next US inflation print could be a catalyst for market re-pricing.