James Bullard, Interview: Yahoo Finance

“Yeah, I don’t think we want to emphasize one report too much, but my takeaway is that inflation is broader and more persistent than many have thought, and that the Fed will have to act in order to keep inflation under control. We’ve got a plan in place which is 50 basis points at the last meeting, and teeing that up for future meetings as well. I do think we need to get to a higher level of the policy rate to control, especially the persistent part, of the inflation process.”

“Yeah, I think that’s a good benchmark for now, and I think we’re it’s a good plan right now. I do think we need to get above neutral by the end of the year. I’ve been advocating, just as a kind of number to put out there, a goal of 3.5% on the policy rate by the end of the year. I think we’re going to have to do more than just get to neutral. We’re going to have to go above neutral in order to put downward pressure on the persistent component of this inflation.”