James Bullard of St. Louis Fed stated that Friday’s statement by Bullard suggested that the central bank raise interest rates an equivalent to 12 times in this year’s fiscal year, to prove it is serious about fighting rising inflation.

Bullard stated that as the sole dissenter from this week’s Fed meeting he wanted to see the benchmark interest rate of the central bank rise above 3%, rather than the close-to-0% level.

After its two-day meeting on Wednesday, the Federal Open Market Committee said that they would increase overnight rates by 0.25 percentage point.

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