James Bullard is president of the Federal Reserve Bank of St. Louis, he spoke in an interview with the Financial Times over the weekend

  • "You would not have to go very high in this environment to be in a restrictive policy stance
  • If we went too far we would start to put downward pressure on inflation in an environment where inflation is already below target."

Bullard is concerned not only with a series of hikes, but a series in conjunction with further winding back of the Fed's balance sheet. Its not unusual for Bullard to sound a

cautious note on hikes and express concern on the impacts to the economy - he is towards the more dovish end of the spectrum on the FOMC.

FT piece is here, may be gated: Top Fed official warns of interest rate risk to recovery