Bullard: Expecting Two More Rate Hikes This Year

• Paraphrasing Bullard (non-voter): We’re sitting today with rates just a little over 5%. In past FOMC SEP, a little over 5% was what many members said would be a good level to get to in 2023. If you look at what’s happened in the first half of this year, that was based on a forecast of very low growth and the idea that inflation would come down pretty rapidly in 2023. But those things haven’t materialized.
• I think we’re going to have to grind higher with the policy rate. I’m thinking two more moves this year – where exactly they’ll be this year I don’t know but I have often advocated for sooner rather than later.

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BULLARD: MARKETS ARE RATCHETING UP EXPECTATIONS FOR INFLATION

BULLARD: WE HAVE A GOOD SHOT AT GETTING BACK TO 2% INFLATION