Federal Reserve Governor Christopher J. Waller emphasized a cautious approach to interest rate policy, opposing immediate cuts despite recent high inflation figures. Waller highlighted the need for more data to assess disinflationary progress and suggested delaying or reducing rate cuts. He awaits February's personal income and spending data for further policy direction. Following his remarks, the U.S. dollar index, as tracked by the Invesco DB USD Index Bullish Fund ETF (UUP), rose to its highest since mid-February, and the likelihood of a June rate cut decreased.