Bullard: High inflation means Fed must think bigger, faster

St. Louis Federal Reserve Bank President James Bullard on Wednesday said U.S. policymakers need to think “bigger” and act “faster” on raising interest rates, given that inflation is “way over” where it ought to be.

Accelerating inflation over the last several months “has necessitated, I think, all of us to think more about how fast they’re going to have to go in order to keep inflation under control,” Bullard told the Mid-Size Bank Coalition of America, referring to his fellow Fed policymakers. He said he expects inflation to rise further this spring, but could be brought under control by next year. (Reporting by Ann Saphir; Editing by Leslie Adler)