Louis Fed President James Bullard did what he does and unleashed another barrage of hawkish torment for the believers in a pause or pivot.
And while several other Fed speakers have said similar things this week, Bullard turned the dial up to ’11’.
“To attain a sufficiently restrictive level, the policy rate will need to be increased further.” Bullard presented charts showing a sufficiently restrictive rate might be between about 5% and 7%, though he didn’t spell out in his prepared remarks what rate level he favored.
Bullard closed by saying: “It is possible that increased financial stress could develop,” but offered no ‘…and then what’.
BULLARD CITES POLICY RULES SUGGESTING RATES OF BETWEEN 5%-7% They really want 1MM layoffs every month – zerohedge (@zerohedge) November 17, 2022 Tyler Durden Thu, 11/17/2022 – 08:17.
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