Fed's Bullard is chirping. The 2022 voting member and hawk says:
- The direct links between Ukraine/Russia to the US economy is minimal
- He would like to see 100 bp rise by July 1
- Would like to see balance sheet reduction by July 1
- Sees core PCE at 3.5% at the end of the year
- Fed policy has more work to do in H2 2022
- Sees 2022 GDP growth in 3.5% to 4% range
- See unemployment falling to 3.0%
His projections on the economy are generally better than the FOMC central tendency (GDP is not higher). The Fed's central tendencies show:
- Core PCE 2.5% to 3.0%
- Unemployment 3.4% to 3.7%
- GDP 3.6% to 4.5%
