WASHINGTON—The U.S. Federal Reserve should “tack in a more hawkish direction” over its next couple of meetings to prepare in case inflation does not begin to ease, St. Louis Federal Reserve bank president James Bullard said on Tuesday. “If inflation happens to go away we are in great shape for that. If inflation doesn’t go away as quickly as many are currently anticipating it is going to be up to the (Federal Open Market Committee) to keep inflation under control,” Bullard said on Bloomberg Television. Bullard, who will be a voter on the Fed’s policy next year, repeated his projection that the Fed will need to raise rates twice next year. Key price measures are rising at the fastest pace in decades, and while many Fed officials expect that to slow on its own the issue remains unresolved. New data for October on import and export prices showed both exceeding …