The Fed Isn’t Doing Enough to Fight Inflation, Fed President Says. Why It May Not Matter Anyway.

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President of the Federal Reserve Bank of St. Louis James Bullard wants the Fed to move faster.

Alastair Pike / AFP via Getty Images

St. Louis Federal Reserve Bank President James Bullard has released a statement explaining why he dissented when the Fed elected to raise interest rates by a quarter-point. He may be right.

In the statement, Bullard argues that the Fed is moving far too slow given the strength of the economy and the rate of inflation. He would have preferred that Fed raise interest rates by 0.5 or 0.75 percentage points, and like to see a 3% fed-funds rate by the end of the year. Remember, the Fed is only now moving away from 0%.