Red-hot inflation is raising pressure on the Federal Reserve to take drastic action to get control of prices
James Bullard, the president of the St. Louis Federal Reserve Bank, told Bloomberg News Thursday he has become"dramatically" more hawkish and now supports raising interest rates by a full percentage point by July 1.Given that there are only three Fed meetings before then, that implies the Fed would have to raise interest rates by a half a percentage point in a single meeting, instead of the more typical quarter percentage point moves.
The fact that investors, Fed officials and Wall Street banks are even contemplating such an aggressive rate hike is telling. Just a few months ago, the debate was whether the Fed would raise rates two or three times this year. Now, there is a growing sense March alone will amount to a double hike. Peter Boockvar, chief investment officer at Bleakley Advisory Group, told CNN it would be"weird" to have consumer prices rising by 7.
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