More from St. Louis Fed president James Bullard:
- volatility in financial markets reflects people getting used to to a Fed that needs to fight inflation
- not clear how US will meet labor demand
- does not expect recent retirees to return, others may be slow to come back
- labor force improvement not happening fast enough to help with the current inflation problem
- confluence of high inflation , low Fed policy rate has put central bank in a tough position
Fed's Bullard dissented at the last meeting wanting to tighten by 50 basis points (he is a voting member in 2022). Yesterday, the Fed minutes revealed that "many" Fed officials wanted to tighten by 50 basis points but were dissuaded from the situation in Ukraine.