St. Louis Fed Pres. James Bullard will be speaking on FOXBusiness at 1:15 PM ET (around 15 minutes).

Bullard is a voting member on the  Federal Reserve  this year and the most hawkish of the Fed officials. Although he has talked about a 75 basis point hike, he has been more of an advocate for 50 basis points at each of the successive meetings going into the year end. Last week he said that he favors getting the Fed funds target rate to 3.5% by year-end.

CNBC's Kramer advocated for a 100 basis point hike by the Fed late yesterday and earlier today. He argues that there are pipeline inflation costs still to work its way into the economy. He cited major retailers like Target who are suppressing price rises, but under pressure to raise them as costs increase.

Amazon who not only employs a large number of people (costs going up), but relies on delivering goods to the general public (higher delivery costs). They have to be experiencing huge cost pressures.

Add those pressures to the supply chain issues - which are likely not to get better given the Chinese lockdowns - and the only solution is to destroy demand and hope it stops inflation expectations from becoming entrenched.

What will Bullard say? Will he shift to a bigger move?