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Fed’s Bullard Favors Raising Rates Above 3% This Year
Federal Reserve Bank of St. Louis President James Bullard said he dissented at this week’s meeting because he wanted the U.S. central bank to implement a balance-sheet reduction plan -- in addition to a half percentage-point hike -- adding that he favors raising rates more sharply this year than any of his colleagues. “I recommended that the committee try to achieve a level of the policy rate above 3% this year. This would quickly adjust the policy rate to a more appropriate level for the current circumstances,” Bullard said in a statement Friday. “In my view, raising the target range to 0.50% to 0.75% and ... (full story)
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