- People are mistaking a slowdown in growth for a recession
- 75 bps hike in July would make a lot of sense
- Once at 3.5% could see where we are on inflation and then could make 'tweaks' including possible rate cut
- Quite a bit of room for labor market to soften
- Expects most of the disinflation to come in 2023 rather than 22
Bullard has laid out this playbook before.