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Bullard: Sequence of high U.S. inflation reports warrants faster hiking

by Mike Robinson

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© Reuters. FILE PHOTO – James Bullard, President of the St. Louis Fed talks about U.S. economics in a New York interview on February 26, 2015. REUTERS/Lucas Jackson/File Photo

WASHINGTON (Reuters] – The Federal Reserve should increase its rate of interest at a faster rate, according to four strong inflation reports from October through January. James Bullard, the president of St. Louis Fed, reiterated Monday that he expects a rate hike of 1% by July 1.

Bullard stated on CNBC that “The four previous forecasts taken together have indicated inflation broadening, possibly accelerating in America,”

After a January report that was stronger than anticipated, Bullard’s call for half-a-percentage point of Fed’s March meeting rate hike contributed to market volatility. Bullard stated Monday however that he would consult Fed chair Jerome Powell on the timing of any future moves.

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