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Fed’s Bullard, explaining dissent, says rates should top 3% this year -Breaking

by Mike Robinson

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© Reuters. FILEPHOTO: James Bullard (St. Louis Federal Reserve Bank) speaks to the public at an event in Singapore, October 8, 2018. REUTERS/Edgar Su

WASHINGTON, (Reuters) – James Bullard, president of the St. Louis Federal Reserve called Friday for a drastic increase in Fed overnight lending rates to over 3%. This is a move he believes is necessary to keep up with inflation which he considers a burden to families.

Bullard released a statement in which he expressed his disapproval at the Fed’s approval for a quarter point rise this week. According to Bullard, he supports a half-point increase this week. But rate rises at a pace that requires half-point increases at the Fed’s remaining meetings in this year would also be acceptable.

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