Speeches, Interviews, Essays

“Longer term, many issues will continue to put upward pressure on home prices and rents. The strong demand to live in cities with tight housing supply is likely to continue. Regulatory supply constraints may be starting to ease in some places, but they will persist and continue to limit home building in many high demand…

“Now on the other side, I get questions from people asking whether the Fed ought to move faster. We have moved at 50 basis points at a time in the past. We’ve even moved faster than that, and we certainly could do it, again, if we felt like it was necessary to prevent either expectations…

“So, are we moving fast enough? I actually dissented last week, and I said that I thought we should start moving sooner and faster. I would’ve liked to have gone 25 basis points. I’m sorry, 50 basis points at that meeting along with getting going on balance sheet runoff. I think that it’s not so…

Transcript not available (link to interview provided). https://www.bloomberg.com/news/videos/2022-03-22/fed-s-bullard-on-rate-hikes-balance-sheet-economy-video

“As I mentioned earlier, at last week’s meeting we raised the fed funds rate target range by one quarter of a percentage point and said that we anticipate that ongoing increases will be appropriate. We also said that at an upcoming meeting we would begin to reduce the amount of assets that we hold on…

 “I think the Fed needs to move aggressively to keep inflation under control,” he said, noting that the Fed has a very large balance sheet and a very low policy rate today. “We need to get to neutral at least so that we’re not putting upward pressure on inflation during this period when we have…

“There is plenty we don’t know, but let’s look at what we do know. Obviously, the baseline for inflation has moved up significantly. My original outlook was that inflation would likely begin decelerating this spring. That almost certainly won’t happen now. Let me say clearly that getting the high rates of inflation under control is…

“In the latest SEP, I penciled in six rate hikes for 2022 and two more for 2023. I recognize that I am toward the bottom of the distribution relative to my colleagues, but the elevated levels of uncertainty are front forward in my mind and have tempered my confidence that an extremely aggressive rate path…

QT: “We also said that we expect to begin reducing the size of our balance sheet at a coming meeting. In my press conference, I noted that action could come as soon as our next meeting in May, though that is not a decision that we have made.” A 25bp Plus Hike: “We will take…

The economy or monetary policy wasn’t mentioned.