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Fed Bullard prefers getting rates above 5% asap

St. Louis Fed President James Bullard said yesterday that it’s “encouraging” that inflation “went in the right direction.” “So far, so good. My bottom line for 2023 is that it will be a year of disinflation,” he said”. Yet, he emphasized his preference is still to get interest rate to above 5% “as soon as possible”.

“There’s probably too much optimism inflation is going to easily come back to 2%. That is not the history of inflation,” Bullard said, “We are really moving into an era of higher nominal interest rates for quite a while going forward as we try to continue to put downward pressure.”

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