Federal Reserve Bank of St. Louis President James Bullard said he expects the central bank will need to raise interest rates twice more this year to quell inflation.
“I think we’re going to have to grind higher,” he said Monday during a moderated discussion at an event in Fort Lauderdale, Florida. “I’m thinking two more moves this year,” he added, though he wasn’t sure when those increases would happen.
Bullard, known for his hawkish views in recent years, does not vote on the policy-setting Federal Open Market Committee in 2023.
Policymakers raised rates aggressively since early last year, bringing their benchmark to a range of 5 percent to 5.25 percentfrom near zero. They’ve slowed down this year, delivering three consecutive quarter-point hikes after raising at a faster clip for much of 2022, and some officials have signaled support for a pause at their June 13-14 meeting.