The latest debate on Wall Street is on whether the Federal Reserve will be aggressive or cautious when raising interest rates. Last week, the U.S. annual inflation rate surged to a market-defying 40-year high of 7.5 percent in January. Prices were up across the board, from food to energy to shelter. The reading ignited discussions on how the U.S. central bank would respond at the next Federal Open Market Committee policy meeting in March. Would Fed Chair Jerome Powell and the rate-setting committee vote for a 25- or 50-basis-point rate increase? St. Louis Fed Bank President James Bullard ignited controversy in recent days for telling Bloomberg on Feb. 11 that he would “like to see 100 basis points in the bag by July 1.” He reiterated this position in an interview with CNBC on Feb. 14, arguing that the Fed’s “credibility is on the line” based on how it responds …