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MNI BRIEF: Fed Bullard Says Rates Should Rise to 4% By Dec

(MNI) WASHINGTON

The latest inflation figures suggest core inflation has not yet peaked, meaning the Fed may need to raise rates up to as high as 4% this year, St. Louis Fed President James Bullard said Friday.

“Inflation continued to broaden out,” he said of the fresh 40-year high reading of 9.1% for June CPI. “Based on these numbers, and based on the household rent component, core PCE probably hasn’t peaked at this point, it probably has a few more reports to go, assuming all goes well,” he told a conference sponsored by the European Economics and Financial Center.

“We have to react with a stronger than anticipated path for the policy rate in the second half of 2022,” saying he'd like to see rates rise to 3.75% to 4% by year end.

St. Louis Fed research director Carlos Garriga told MNI this week he sees inflation risks as still tilted to the upside.

MNI Washington Bureau | +1 202 371 2121 | pedro.dacosta@marketnews.com
US$ Credit Supply PipelineUSCentral Bank NewsFederal ReserveHomepagePolicy NewsEmailBriefMarketsStoryRegionNorth America
MNI Washington Bureau | +1 202 371 2121 | pedro.dacosta@marketnews.com
US$ Credit Supply PipelineUSCentral Bank NewsFederal ReserveHomepagePolicy NewsEmailBriefMarketsStoryRegionNorth America

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