5/22/2023, 3:00 PM (Source: TeleTrader)
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Fed's Bullard sees two more rate hikes in 2023

Federal Reserve Bank of St. Louis President James Bullard stated on Monday that he expects two more 25 basis point interest rate increases in 2023.

Speaking at the American Gas Association 2023 Financial Forum, Bullard specified that earlier Fed projections that estimated interest rate peak at between 5% and 5.25%, where they actually stand now, were based on the assumptions that inflation would drop fast and that United States economic growth would be around zero. However, both of those predictions have failed to materialize so far, he pointed out.

Bullard also claimed that the likelihood of a recession is "overstated" and that the US economy is still seeing "fairly robust growth."

Baha Breaking News (BBN) / MS