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- Fed's Bullard: Not much progress on inflation means rates need to continue to rise
Fed's Bullard: Not much progress on inflation means rates need to continue to rise
In an interview with Reuters, St. Louis Federal Reserve President James Bullard reiterated that interest rates will need to continue to rise in the absence of clear progress on inflation.
Key takeaways
"US recession predictions ignore strength of labor market, pandemic savings still to be used."
"Still seeing adequately restrictive policy rate at 5.50%-5.75% range, bias to hold for longer until inflation contained."
"Risk of bank stress causing broad problems seems to have diminished, though policymakers monitoring situation closely."
"Fed should avoid extensive forward guidance at next meeting, keep options open."
Market reaction
The US Dollar Index recovered modestly on these hawkish remarks and was last seen losing 0.25% on the day at 101.84.
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