Federal Reserve Bank of St. Louis President James Bullard:
- won't emphasize single inflation report too much but inflation is more persistent than many have thought
- 50bps hikes at coming meetings "a good benchmark for now"
- feel goal should be about 3.5% on fed funds rate by end of year
- some of April's inflation number is "transitory," but "a big chunk" is likely persistent and will need a policy response
- "base case" does not include a three quarter point rate increase
- April inflation was "hot" but not far from what was expected
more to come