St. Louis Federal Reserve President James Bullard is pushing back on his colleagues and arguing that the central bank should move much more aggressively to rein in the country’s explosive inflation.
Bullard, who has been calling for tighter monetary policy for some time, released a statement on Friday explaining why he, alone, dissented during this week’s meeting of the Federal Open Market Committee. The committee voted to raise its interest rate target by a quarter percentage point, but Bullard said the target should have been increased to half a percentage point, or 50 basis points.
Bullard noted that despite the economic growth, inflation has risen to levels not seen since the early 1980s. Consumer prices increased by 7.9% for the 12 months ending in February, an increase from the month before. Fed officials, as a group, indicated after Wednesday’s meeting that they expect between six and eight rate hikes over the course of 2022 — a much higher number than the three rate increases that they projected during the last quarter.
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