St. Louis Federal Reserve President James Bullard told CNBC that he’s currently expecting the U.S. central bank to hike its benchmark rate twice in 2022, after it’s finished with winding down its bond-buying program.

Bullard also noted that Bullard’s prediction was only based upon current economic data. His predictions could be changed over time.

Bullard said that “what we can do” was to assess the current situation and then see what the results are. The interview was recorded at Tuesday’s UBS European Conference.

According to my assessment of where we stand today, there are two rate rises planned for 2022… but that could change as we move into the second half of next years in any direction.

Bullard is known for being more aggressive than the other bank officials. has shown some anxietyThe inflation is soaring. Inflation is on the rise. new data out Tuesday showed U.S. wholesale prices rose 8.6% from a year ago in OctoberTheir highest ever annual rate in records dating back to nearly 11 years.

Inflation would be controlled by central banks, and so the Fed started normalizing policy in the aftermath of the financial crisis. the coronavirus pandemic. The central bank acknowledged last week that the taper of bond purchases would occur “later this year” and admitted that price rises had been faster than anticipated by central bankers.

Fed members voted against raising interest rates above their anchor of zero. They also warned against any imminent rate rises. The current schedule indicates that the cut in bond purchases will end around July 2013. Officials stated that they do not expect rate increases to begin until tapering has been completed. However, September projections indicate only one increase next year.

Bullard won’t be voting on the Fed policymaking committee for 2021. However, he will in 2022.

— CNBC’s Jeff Cox and Thomas Franck contributed to this article.