The Fed: Fed’s Bullard backs more rate hikes this year after ‘hot’ CPI data

The Federal Reserve needs to be more aggressive this year to help cool down “stubbornly high inflation,” St. Louis Fed President James Bullard said Friday.

In the wake of the “hot” consumer price inflation data released earlier this week, Bullard said he thinks the Fed needs to raise its policy rate to a range of 3.75% to 4% by the end of the year. That’s up from his previous preference of 3.5% year-end rate.

Bullard…