SINGAPORE—The dollar rose in Asia on Friday after hotter-than-expected U.S. inflation and hawkish comments from a Federal Reserve official unleashed a wave of bets on aggressive rate hikes, though similar pressures worldwide kept a lid on gains. Thursday data showed U.S. consumer prices up 7.5 percent year-on-year in January, a fourth straight month above 6 percent and slightly higher than economists’ forecasts for a 7.3 percent rise. After that, St. Louis Fed President James Bullard told Bloomberg he’d like to see 100 basis points of hikes by July. Treasury yields leapt and the dollar jumped to a five-week high of 116.34 yen during volatile overnight trade. The greenback oscillated against other currencies before turning broadly firmer in the Asia session. The euro was last down 0.4 percent at $1.1382 and the Australian and New Zealand dollars each dropped more than 0.5 percent. Rates futures have shifted to price a better-than-two-in-three …