Federal Reserve Bank of St. Louis President James Bullard urged policy makers to raise interest rates to 3.5% this year to bring inflation down from near a four-decade high, adding that some of those hikes could be reversed late next year or in 2024. Bullard reminded the Economic Club of Memphis on Wednesday that in late 2019, prior to the Covid-19 pandemic, Fed rates were 1.55%, the 10-year Treasury yield was 1.86% and mortgage rates were below 4%. “This may provide a practical benchmark for where the constellation of rates may settle once inflation comes under control in the U.S.,” he said during the virtual ... (full story)