Feds Bullard: We are missing are inflation target by more than 300 basis points

St. Louis Pres. Richard Bullard is speaking on CNN. He is a voting member in 2022 and one of the more hawkish of Fed voting members.

• We want to pursue best policy we can, and let market adjust appropriately
• We have high inflation Inflation Inflation is defined as a quantitative measure of the rate in which the average price level of goods and services in an economy or country increases over a period of time. It is the rise in the general level of prices where a given currency effectively buys less than it did in prior periods.In terms of assessing the strength or currencies, and by extension foreign exchange, inflation or measures of it are extremely influential. Inflation stems from the overall creation of money. This money is m Inflation is defined as a quantitative measure of the rate in which the average price level of goods and services in an economy or country increases over a period of time. It is the rise in the general level of prices where a given currency effectively buys less than it did in prior periods.In terms of assessing the strength or currencies, and by extension foreign exchange, inflation or measures of it are extremely influential. Inflation stems from the overall creation of money. This money is m Read this Term the US
• We are missing are inflation target by more than 300 basis points
• This is a moment where we need to pivot to less accommodation
• Good target is to have funds rate up by about 100 basis points by July 1
• Markets have done a lot of pricing in already
• Does not think raising rates would be risking recession
• Labor market will get tighter
• Inflation is eating into wage gains
• Thinking is that quantitative easing has already drawn to a close that will end in March
• Confident will come to a conclusion but we must act now
• Even if there is repricing, asset holders will remain in good shape
• Low rates feed into certain amount of exuberance
• Would be mostly concerned about housing market

Bullard's comments are consistent with ones made last week. At that time he started his pitch for 100 BPs by the 4th of July and also expressed his desire to raise rates as much as 50 BPs in March (but would defer to the Chair). There are 3 fed meetings between now and July. That implies 50, 25 and 25 hike trajectory (or some other combination)