St. Louis Federal Reserve President Jim Bullard is defending his dissenting opinion that the central bank did not go far enough in raising rates by stressing the need to achieve a “policy rate above 3% this year.”
What Happened: In Wednesday's meeting of the central bank’s policymaking Federal Open Market Committee (FOMC), there was a unanimous agreement that federal funds rates needed to be raised for the first time since 2018, but Bullard was the sole committee member who did not support raising raise the target range for the rate from 0.25% to 0.50%.
