The president of the St. Louis Federal Reserve, James Bullard, called for a tougher approach to control skyrocketing inflation by raising interest rates more substantially and said that the Fed needs to act, in a statement on April 8. He believes that the central bank is “behind the curve” on interest rates, “but not as much as it looks like,” as inflation is still “too high.” Bullard, who is the most prominent hawk on the Federal Open Market Committee (FOMC) in favor of a tighter monetary policy, said that a rules-based approach suggests the Fed should hike its benchmark short-term borrowing rate to about 3.5 percent. However, according to CME Group data, markets pricing in rates and hitting the 3.5 percent rate in the summer of 2023 appear to be a bit slower than what Bullard anticipates. His comments came the day after the release of meeting minutes from the FOMC conference in March, …