James Bullard, Interview: CNN

“I’ve suggested that good target would be to have the funds rate or the policy rate up at about a hundred basis points by July 1st. And that does mean we would have to move faster and more nimbly than we have in recent decades. But I think that’s probably the appropriate policy now. We need some risk management in case this inflation does not moderate in the second half of this year, in which case the Fed would really be, I’ve said in previous interviews, “in a pickle” in the second half of the year, if inflation doesn’t moderate and we still have this extremely accommodated policy in place.”