Federal Reserve Bank of St. Louis President James Bullard
- inflation is far too high for comfort, the Fed has a good plan in place
- market pricing based on anticipated Fed tightening is helping us keep inflation under control
- inflation will also moderate partly on its own
- we want to get to neutral rates expeditiously
- we should try to get above neutral as early as the 3rd quarter, but one step at a time
- don't want to disrupt markets but we need to move fast
- 3.5% is the minimum Fed funds rate needed, we can't do this all at once but should try to get there by the end of this year
- will not rule out a 75bp increase but the base case is not for more than 50bps at any meeting
- Fed needs to ratify the rate increases that are partially priced into markets already
Gotta wonder about these guys ... inflation is far too high but its under control. What???
