Central Banks
Fed’s Bullard Favors Getting Rates Above 5% ‘as Soon as Possible’
- St. Louis Fed chief says ‘front-loading’ rate hikes has worked
- Philadelphia Fed’s Harker favors steeping down to 25 bps
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Federal Reserve Bank of St. Louis President James Bullard said the US central bank should raise interest rates above 5% expeditiously to ensure price pressures are subdued.
Noting the median projection of the Fed’s last forecast showed policymakers favoring raising rates to 5.1% this year, Bullard said Thursday that “it would be appropriate to get there as soon as possible” and then go on hold.