Bullard: Reiterates 100bp Hikes By July, Fed "Credibility Is On The Line"

St Louis Fed Pres Bullard on CNBC essentially doubles down on last Thursday's hawkish post-CPI comments:

• Reiterates that given the last 4 inflation reports showing CPI broadening / accelerating, he'd like to see 100bp of hikes by July 1, and that he defers to Powell on how to get there. "Our credibility is on the line here".
• Pushes back on questioner's characterization of January's CPI report not being that troubling; he points to last 4 reports as showing the "big picture is that inflation is much higher than we would have expected". Doesn't matter how you measure inflation, it's well above norms.
• Says the 2Yr Tsy yield's rise "is great" as it already removes accommodation, but Fed has to follow through on those expectations as it needs to reassure the public that it will defend its 2% inflation target.
• Rate hikes and balance sheet runoff are "relatively cheap from my perspective as a policymaker" - not tightening policy, but removing accommodation.