“I think that is a good benchmark for now,” St. Louis Fed President James Bullard says in a new interview.
St. Louis Fed President James Bullard, who has been a leading voice of aggressive rate hikes this year, on Wednesday said he was content with a plan to raise interest rates by 50 basis points at each of the next two meetings.
Bullard said he would like to see the Fed’s policy rate get up to 3.5% by the end of the year. The Fed has to go above “neutral” to push down inflation, he said. Bullard’s comments in late April that the Fed shouldn’t take an even larger, 75-basis-point rate hike off the table roiled financial markets.
“The committee, based on public comments from my colleagues, has coalesced around a plan of 50-basis-points per meeting. So I think we can proceed on that,” he said.
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