Fed President St. Louis James Bullard said on Friday he thinks the central bank should raise interest rates by the equivalent of 12 times this year to convince the public that it is serious about fighting inflation.
As the sole objector at this week’s Fed meeting, Bullard said in a statement that he would like to see the central bank’s benchmark interest rate rise above 3% from the near 0% level it has stood at.
After a two-day meeting, the Federal Open Market Committee on Wednesday said it would raise the overnight rate for banks by 0.25 percentage points.
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