Last month, the Federal Reserve voted to raise interest rates by 25 basis points, but two central bank officials revealed that they advocated for larger rate hikes to combat elevated inflation.
St. Louis Fed Bank President James Bullard told reporters at the Greater Jackson Chamber in Jackson, Tennessee, during an event that he advanced the case for pulling the trigger on a 50-basis-point increase to the benchmark fed funds rates at the February Federal Open Market Committee (FOMC) policy meeting.
“I was an advocate for a 50-basis-point hike and I argued that we should get to the level of rates the committee viewed as sufficiently restrictive as soon as we could,” he said….